Novanta (NOVT) 10-K 28 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Feb. 21, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	NOVT
Entity Registrant Name	NOVANTA INC.
Entity Central Index Key	0001076930
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 5,033,820,322
Entity Common Stock, Shares Outstanding		35,845,462
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-35083
Entity Incorporation, State or Country Code	A3
Entity Tax Identification Number	98-0110412
Entity Address, Address Line One	125 Middlesex Turnpike
Entity Address, City or Town	Bedford
Entity Address, State or Province	MA
Entity Address, Country	US
Entity Address, Postal Zip Code	01730
City Area Code	781
Local Phone Number	266-5700
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Boston, Massachusetts, United States
Title of 12(b) Security	Common shares, no par value
Security Exchange Name	NASDAQ
Documents Incorporated by Reference	Portions of the Registrant’s Definitive Proxy Statement for the Registrant’s Annual Meeting of Shareholders scheduled to be held on May 8, 2024 to be filed with the Securities and Exchange Commission are incorporated by reference in answers to Part III of this Annual Report on Form 10-K.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 105,051	$ 100,105
Accounts receivable, net of allowance of $571 and $995, respectively	139,410	137,697
Inventories	149,371	167,997
Prepaid income taxes and income taxes receivable	8,105	1,508
Prepaid expenses and other current assets	13,360	13,212
Total current assets	415,297	420,519
Property, plant and equipment, net	109,449	103,186
Operating lease assets	38,302	43,317
Deferred tax assets	27,862	15,113
Other assets	5,617	4,414
Intangible assets, net	145,022	175,766
Goodwill	484,507	478,897
Total assets	1,226,056	1,241,212
Current Liabilities
Current portion of long-term debt	4,968	4,800
Accounts payable	57,195	75,225
Income taxes payable	7,767	13,660
Current portion of operating lease liabilities	8,189	7,793
Accrued expenses and other current liabilities	61,056	63,044
Total current liabilities	139,175	164,522
Long-term debt	349,404	430,662
Operating lease liabilities	37,345	40,808
Deferred tax liabilities	16,305	17,194
Income taxes payable	4,435	4,355
Other liabilities	5,932	6,085
Total liabilities	552,596	663,626
Commitments and Contingencies (Note 17)
Stockholders Equity:
Preferred shares, no par value; Authorized shares: 7,000; No shares issued and outstanding
Common shares, no par value; Authorized shares: unlimited; Issued and outstanding: 35,814 and 35,711, respectively	423,856	423,856
Additional paid-in capital	70,180	55,155
Retained earnings	203,462	130,584
Accumulated other comprehensive loss	(24,038)	(32,009)
Total stockholders' equity	673,460	577,586
Total liabilities and stockholders’ equity	$ 1,226,056	$ 1,241,212

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 571	$ 995
Preferred shares, no par value	$ 0	$ 0
Preferred shares, Authorized	7,000,000	7,000,000
Preferred shares, Issued	0	0
Preferred shares, outstanding	0	0
Common shares, Authorized	Unlimited	Unlimited
Common shares, no par value	$ 0	$ 0
Common shares, Issued	35,814,000	35,711,000
Common shares, outstanding	35,814,000	35,711,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 881,662	$ 860,903	$ 706,793
Cost of revenue	481,765	482,431	406,465
Gross profit	399,897	378,472	300,328
Operating expenses:
Research and development and engineering	91,682	85,770	72,522
Selling, general and administrative	164,460	158,901	129,155
Amortization of purchased intangible assets	20,445	26,338	16,577
Restructuring, acquisition and related costs	12,814	4,384	18,020
Total operating expenses	289,401	275,393	236,274
Operating income	110,496	103,079	64,054
Interest income (expense), net	(25,818)	(15,616)	(7,387)
Foreign exchange transaction gains (losses), net	(255)	67	(127)
Other income (expense), net	(675)	(371)	(368)
Income before income taxes	83,748	87,159	56,172
Income tax provision	10,870	13,108	5,841
Net income	$ 72,878	$ 74,051	$ 50,331
Earnings per Common Share:
Basic	$ 2.03	$ 2.08	$ 1.42
Diluted	$ 2.02	$ 2.06	$ 1.41
Weighted average common shares outstanding—basic	35,844	35,652	35,396
Weighted average common shares outstanding—diluted	36,031	35,909	35,781

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income		$ 72,878	$ 74,051	$ 50,331
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	[1]	7,823	(18,674)	(3,457)
Pension liability adjustments, net of tax	[2]	148	(469)	2,832
Total other comprehensive income (loss)		7,971	(19,143)	(625)
Total comprehensive income		$ 80,849	$ 54,908	$ 49,706
[1] The tax effect on this component of comprehensive income (loss) was nominal in 2023, 2022 and 2021. The tax effect on this component of comprehensive income (loss) was $ 156 , $( 401 ) and $ 920 in 2023, 2022 and 2021, respectively.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Pension liability adjustments, tax effect on the component of comprehensive income (loss)	$ 156	$ (401)	$ 920

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Shares	Additional Paid-In Capital	Retained Earning (Deficit)	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2020	$ 476,809	$ 423,856	$ 58,992	$ 6,202	$ (12,241)
Balance (in shares) at Dec. 31, 2020		35,163
Net income	50,331			50,331
Common shares issued under stock plans (in shares)		660
Common shares withheld for taxes on vested stock awards	(30,830)		(30,830)
Common shares withheld for taxes on vested stock awards (in shares)		(222)
Share-based compensation	25,606		25,606
Other comprehensive income (loss), net of tax	(625)				(625)
Balance at Dec. 31, 2021	521,291	$ 423,856	53,768	56,533	(12,866)
Balance (in shares) at Dec. 31, 2021		35,601
Net income	74,051			74,051
Common shares issued under stock plans (in shares)		276
Common shares withheld for taxes on vested stock awards	(11,721)		(11,721)
Common shares withheld for taxes on vested stock awards (in shares)		(82)
Repurchases of common shares	(10,000)		(10,000)
Repurchases of common shares (in shares)		(84)
Share-based compensation	23,108		23,108
Other comprehensive income (loss), net of tax	(19,143)				(19,143)
Balance at Dec. 31, 2022	577,586	$ 423,856	55,155	130,584	(32,009)
Balance (in shares) at Dec. 31, 2022		35,711
Net income	72,878			72,878
Common shares issued under stock plans (in shares)		173
Common shares withheld for taxes on vested stock awards	(10,563)		(10,563)
Common shares withheld for taxes on vested stock awards (in shares)		(70)
Share-based compensation	25,588		25,588
Other comprehensive income (loss), net of tax	7,971				7,971
Balance at Dec. 31, 2023	$ 673,460	$ 423,856	$ 70,180	$ 203,462	$ (24,038)
Balance (in shares) at Dec. 31, 2023		35,814

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 72,878	$ 74,051	$ 50,331
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	46,612	53,158	43,394
Provision for inventory excess and obsolescence	7,491	2,988	3,627
Impairment of operating lease assets	1,853
Share-based compensation	25,588	23,108	25,606
Deferred income taxes	(14,726)	(18,654)	(3,945)
Loss (gain) on disposal of fixed assets	148	(61)	65
Contingent consideration adjustments		(1,443)	(99)
Inventory acquisition fair value adjustments		160	1,411
Write-off of unamortized deferred financing costs		624
Non-cash interest expense	1,162	1,229	1,170
Other non-cash items	397	356	74
Changes in assets and liabilities which provided/(used) cash, excluding effects from business acquisitions:
Accounts receivable	(127)	(23,246)	(25,355)
Inventories	11,366	(48,547)	(19,078)
Prepaid expenses and other current assets	709	(814)	(3,117)
Prepaid income taxes, income taxes receivable and income taxes payable	(12,349)	489	(140)
Accounts payable, accrued expenses and other current liabilities	(20,453)	30,333	24,516
Other non-current assets and liabilities	(474)	(2,952)	(3,835)
Cash provided by operating activities	120,075	90,779	94,625
Cash flows from investing activities:
Purchases of property, plant and equipment	(19,961)	(19,643)	(19,976)
Acquisition of businesses, net of cash acquired and working capital adjustments		(21,565)	(284,728)
Payment of contingent consideration related to acquisition of technology assets		(1,470)	(2,200)
Proceeds from sale of property, plant and equipment	69	137	200
Cash used in investing activities	(19,892)	(42,541)	(306,704)
Cash flows from financing activities:
Borrowings under revolving credit facilities		69,941	280,000
Repayments under term loan and revolving credit facilities	(86,552)	(59,029)	(32,381)
Payments of debt issuance costs		(2,492)	(890)
Payments of withholding taxes from share-based awards	(10,563)	(11,721)	(30,830)
Payments of contingent considerations related to acquisitions	(81)	(46,254)	(1,836)
Repurchases of common shares		(10,000)
Purchase of building under finance lease			(8,743)
Other financing activities	(657)	(599)	(567)
Cash provided by (used in) financing activities	(97,853)	(60,154)	204,753
Effect of exchange rates on cash and cash equivalents	2,616	(5,372)	(335)
Increase (decrease) in cash and cash equivalents	4,946	(17,288)	(7,661)
Cash and cash equivalents, beginning of year	100,105	117,393	125,054
Cash and cash equivalents, end of year	105,051	100,105	117,393
Supplemental disclosure of cash flow information:
Cash paid for interest	25,302	14,264	6,207
Cash paid for income taxes	36,903	20,291	11,304
Income tax refunds received	612	169	1,557
Supplemental disclosure of non-cash investing activities:
Accruals for capital expenditures	$ 570	$ 1,681	$ 708

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 72,878	$ 74,051	$ 50,331

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Trading Plans No officers or directors adopted , modified , and/or terminated a "Rule 10b5-1 trading agreement" or a "non-Rule 10b5-1 trading agreement," as defined in Item 408 of Regulation S-K, during the three months ended December 31, 2023 .
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arr Modified Flag	false
Non-Rule 10b5-1 Arr Modified Flag	false

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Novanta Inc. and its subsidiaries (collectively referred to as “Novanta”, the “Company”, “we”, “us”, “our”) is a leading global supplier of core technology solutions that give medical and advanced industrial original equipment manufacturers (“OEMs”) a competitive advantage. Novanta combines deep proprietary technology expertise and competencies in precision medicine and manufacturing, medical solutions and robotics and automation with a proven ability to solve complex technical challenges. This enables Novanta to engineer core components and sub-systems that deliver extreme precision and performance, tailored to the customers’ demanding applications. Basis of Presentation The consolidated financial statements have been prepared by the Company in United States (“U.S.”) dollars and in accordance with accounting principles generally accepted in the U.S., applied on a consistent basis. These consolidated financial statements include the accounts of Novanta Inc. and its subsidiaries. Intercompany accounts and transactions have been eliminated. During the first quarter of 2023, the Company changed the names of its reportable segments from “Photonics” to “Precision Medicine and Manufacturing”, from “Vision” to “Medical Solutions”, and from “Precision Motion” to “Robotics and Automation”, respectively. The segment name changes did not result in any change to the compositions of the Company’s segments and therefore did not result in any change to historical results.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Estimates and assumptions are reviewed on an on-going basis and the effects of revisions are reflected in the period in which such revisions are deemed to be necessary. The Company evaluates its estimates based on historical experience, current conditions, and various other assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from these estimates. Foreign Currency Translation The financial statements of the Company and its subsidiaries outside the U.S. have been translated into U.S. dollars. Assets and liabilities of foreign operations are translated from foreign currencies into U.S. dollars at the exchange rates in effect as of the balance sheet date. Revenue and expenses are translated at the weighted average exchange rates for the period. Accordingly, gains and losses resulting from translating foreign currency financial statements are reported as cumulative translation adjustments, a separate component of other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses from transactions denominated in currencies other than the functional currencies are included in the accompanying consolidated statements of operations. Cash Equivalents Cash equivalents are highly liquid investments with original maturities of three months or less. These investments are carried at cost, which approximates fair value. Accounts Receivable and Credit Losses Accounts receivable are recorded at the invoiced amounts, net of an allowance for doubtful accounts based on the Company’s best estimate of probable credit losses. The Company is exposed to credit losses primarily through sales of its products. The Company assesses each customer’s ability to pay by conducting a credit review which includes consideration of established credit rating or an internal assessment of the customer’s creditworthiness based on an analysis of their payment history when a credit rating is not available. The Company monitors its credit exposure through active review of customer balances. The Company’s expected loss methodology for accounts receivable is developed through consideration of factors including, but not limit to, historical collection experience, current customer credit ratings, current customer financial condition, current and future economic and market condition, and age of the receivables. Charges related to credit losses are included in selling, general and administrative expenses and are recorded in the period that the outstanding receivables are determined to be uncollectible. Account balances are charged off against the allowance for doubtful accounts when the Company believes it is certain that the receivable will not be recovered. For the years ended December 31, 2023, 2022 and 2021, changes in the allowance for doubtful accounts were as follows (in thousands): 2023 2022 2021 Balance at beginning of year $ 995 $ 556 $ 274 Addition to credit loss expense 175 532 121 Credit loss resulting from acquisitions — — 216 Write-offs, net of recoveries of amounts previously reserved ( 612 ) ( 92 ) ( 45 ) Exchange rate changes 13 ( 1 ) ( 10 ) Balance at end of year $ 571 $ 995 $ 556 Inventories Inventories, which include materials and conversion costs, are stated at the lower of cost or net realizable value, using the first-in, first-out method. Cost includes the cost of purchased materials, inbound freight charges, customs duties, trade tariffs on imported materials and components, external and internal processing and applicable labor and overhead costs. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, storage, disposal and transportation. The Company periodically reviews inventory for potential excess or obsolescence by comparing on-hand quantities to the forecasted product demand and production requirements or trailing historical usage of each product. The Company records a charge to cost of revenue for the amount required to reduce the carrying value of inventories to their net realizable value. Property, Plant and Equipment Property, plant and equipment are recorded at cost, adjusted for any impairment, less accumulated depreciation. The Company uses the straight-line method to calculate the depreciation of its property, plant and equipment over their estimated useful lives. Estimated useful lives range from 10 to 40 years for buildings and building improvements, and 3 to 10 years for machinery and equipment. Leasehold improvements are depreciated over the lesser of their useful lives or the lease terms, including any renewal period options that are reasonably assured of being exercised. Repairs and maintenance costs are expensed as incurred. Certain costs to develop software for internal use are capitalized when the criteria under Accounting Standards Codification (“ASC”) 350-40, “Internal-Use Software,” are met. Goodwill, Intangible Assets and Long-Lived Assets Goodwill represents the excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities acquired in a business combination. Allocations of the purchase price are based upon a valuation of the fair value of assets acquired and liabilities assumed as of the acquisition date. Goodwill and indefinite-lived intangibles are not amortized but are assessed for impairment at least annually to ensure their current fair values exceed their carrying values. The Company’s most significant intangible assets are customer relationships, patents and developed technologies, trademarks and trade names. The fair values of intangible assets are based on valuations using an income approach, with estimates and assumptions provided by management of the acquired companies and the Company. The process for estimating the fair values of identifiable intangible assets requires the use of significant estimates and assumptions, including revenue growth rates, customer attrition rates, royalty rates, discount rates and projected future cash flows. All definite-lived intangible assets are amortized over the periods in which their economic benefits are expected to be realized. The Company reviews the useful life assumptions, including the classification of certain intangible assets as “indefinite-lived,” on a periodic basis to determine if changes in circumstances warrant revisions to them. Costs associated with patent and intellectual property applications, renewals or extensions are typically expensed as incurred. The Company evaluates its goodwill, intangible assets and other long-lived assets for impairment at the reporting unit level which is at least one level below the reportable segments. Impairment Charges Impairment analyses of goodwill and indefinite-lived intangible assets are conducted in accordance with ASC 350, “Intangibles — Goodwill and Other.” The Company performs its goodwill impairment test annually at a reporting unit level, which is generally at least one level below a reportable segment, as of the beginning of the second quarter or more frequently if indicators are present or changes in circumstances suggest that an impairment may exist. The Company has the option of first performing a qualitative assessment to determine whether it is necessary to perform the quantitative impairment test. In performing the qualitative assessment, the Company reviews factors both specific to the reporting unit and to the Company as a whole, such as financial performance, macroeconomic conditions, industry and market considerations, and the fair value of each reporting unit as of the last valuation date. If the Company elects this option and believes, as a result of the qualitative assessment, that it is more likely than not that the carrying value of the reporting unit exceeds its fair value, the quantitative impairment test is required; otherwise, no further testing is required. Alternatively, the Company may elect to bypass the qualitative assessment and perform the quantitative impairment test instead. This approach requires a comparison of the carrying value of each reporting unit to its estimated fair value. The fair value of a reporting unit is estimated primarily using a discounted cash flow (“DCF”) method. If the carrying value of a reporting unit exceeds its fair value, an impairment charge is recorded for the difference. The Company assesses indefinite-lived intangible assets for impairment on an annual basis as of the beginning of the second quarter, and more frequently if indicators are present, or changes in circumstances suggest, that an impairment may exist. The Company will also reassess the continuing classification of these intangible assets as indefinite-lived when circumstances change such that the useful life may no longer be considered indefinite. The fair values of the Company’s indefinite-lived intangible assets are determined using the relief from royalty method, based on forecasted revenues and estimated royalty rates. If the fair value of an indefinite-lived intangible asset is less than its carrying value, an impairment charge is recorded for the difference between the carrying value and the fair value of the impaired asset. The carrying amounts of definite-lived long-lived assets are reviewed for impairment whenever changes in events or circumstances indicate that their carrying values may not be recoverable. The recoverability of the carrying value is generally determined by comparison of the carrying value of the asset group to its undiscounted future cash flows. When this test indicates a potential for impairment, a fair value assessment is performed. Once an impairment is determined and measured, an impairment charge is recorded for the difference between the carrying value and the fair value of the impaired asset. Revenue Recognition See Note 3 for the Company’s revenue recognition policy. Leases The Company leases certain equipment and facilities. The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets are included in operating lease assets on the consolidated balance sheet. Operating lease liabilities are included in the current portion of operating lease liabilities and operating lease liabilities on the consolidated balance sheet based on the timing of future lease payments. Finance lease assets are included in property, plant and equipment. Finance lease liabilities are included in accrued expenses and other current liabilities and other liabilities on the consolidated balance sheet based on the timing of future lease payments. Leases with an initial term of twelve months or less are not recognized on the balance sheet. The Company recognizes lease expense on a straight-line basis over the lease term. Many of the Company’s lease arrangements include both lease (e.g., fixed payments including rent) and non-lease components (e.g., common-area maintenance or other property management costs). The Company accounts for lease and non-lease components separately. Most leases held by the Company do not provide an implicit rate. The Company uses its incremental borrowing rate for the same jurisdiction and term as the associated lease based on the information available at the lease commencement date to determine the present value of future lease payments. The Company has a centrally managed treasury function; therefore, the Company applies a portfolio approach for determining the incremental borrowing rate based on the applicable lease terms and the current economic environment. Research and Development and Engineering Costs Research and development and engineering (“R&D”) expenses are primarily comprised of employee related expenses and cost of materials for R&D projects. These costs are expensed as incurred. Share-Based Compensation The Company records expenses associated with share-based compensation awards to employees and directors based on the fair value of awards as of the grant date. For share-based compensation awards that vest over time based on employment, the associated expenses are recognized in the consolidated statements of operations ratably over the respective vesting periods, net of estimated forfeitures. The Company also grants share-based awards that vest based on specified company performance conditions, market conditions or a hybrid of specified company performance conditions and market conditions. Share-based compensation expenses for awards with specified company performance conditions are recognized ratably over their vesting periods when it is probable that the performance targets are expected to be achieved based on management’s projections. Management’s projections are revised, if necessary, in subsequent periods when underlying factors change the evaluation of the probability of achieving the performance targets as well as the estimated levels of achievement. When the estimated achievement levels are adjusted at a later date, a cumulative adjustment to the share-based compensation expense previously recognized would be recorded in the period such determination is made. Accordingly, share-based compensation expenses for awards with specified company performance conditions may differ significantly from period to period based on changes to both the probability and the level of achievement against the performance targets. Share-based compensation expenses for awards with market conditions are based on the grant-date fair value, determined using the Monte-Carlo valuation model, and are recognized on a straight-line basis from the grant date to the end of the performance period. Compensation expenses for awards with market conditions will not be affected by the number of common shares that will ultimately be issued upon vesting at the end of the performance period. Share-based compensation expenses for awards with a hybrid of specified company performance conditions and market conditions are recognized ratably over their performance period based on the fair value of the PSUs as of the grant date and the number of shares that are deemed probable of vesting at the end of the specified performance period. The probability assessment is performed quarterly and the cumulative effect of a change in the estimated compensation expense, if any, is recognized in the period in which such determination is made. Accordingly, share-based compensation expenses for awards with hybrid conditions may differ significantly from period to period based on changes to both the probability and the level of achievement against the performance targets. The Company also grants stock options to certain members of the executive management team to purchase common shares of the Company at a strike price equal to the closing market price of the common shares on the date of grant. Share-based compensation expenses associated with stock options are based on the grant-date fair value, determined using the Black-Scholes option pricing model, and are recognized on a straight-line basis ratably over the respective vesting period. Advertising Costs Advertising costs are expensed as incurred and are included in selling, general and administrative expenses in the consolidated statement of operations. Advertising costs were not material for 2023, 2022 and 2021. Restructuring, Acquisition and Related Costs The Company accounts for its restructuring activities in accordance with the provisions of ASC 420, “Exit or Disposal Cost Obligations.” The Company makes assumptions related to the amounts of employee severance benefits and related costs, useful lives and residual value of long-lived assets, and discount rates. Estimates and assumptions are based on the best information available at the time the obligation is recognized. These estimates are reviewed and revised as facts and circumstances dictate. Acquisition related costs incurred to effect a business combination, including finders’ fees, legal, valuation and other professional or consulting fees, are expensed as incurred. Acquisition related costs also include expenses recognized under earn-out agreements in connection with acquisitions. Accounting for Income Taxes The asset and liability method is used to account for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. This method also requires the recognition of future tax benefits, such as net operating loss carryforwards, to the extent that it is more likely than not that such benefits will be realized. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the temporary differences are expected to be recovered or settled. A valuation allowance is established to reduce the deferred tax assets if it is more likely than not that some or all of the related tax benefits will not be realized in the future. Valuation allowances are reassessed periodically to determine whether it is more likely than not that the tax benefits will be realized in the future and if any existing valuation allowance should be released. The majority of the Company’s business activities are conducted through its subsidiaries outside of Canada. Earnings from these subsidiaries are generally indefinitely reinvested in the local businesses. Further, local laws and regulations may also restrict certain subsidiaries from paying dividends to their parents. Consequently, the Company generally does not accrue income taxes for the repatriation of such earnings in accordance with ASC 740, “Income Taxes.” To the extent that there are excess accumulated earnings that the Company intends to repatriate from any such subsidiaries, the Company recognizes deferred tax liabilities on such foreign earnings. The Company assesses its income tax positions and records tax benefits for all years subject to examination based on the evaluation of the facts, circumstances, and information available at each reporting date. For those tax positions with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information, the Company records a tax benefit. For those income tax positions that are not likely to be sustained, no tax benefit is recognized in the consolidated financial statements. The Company recognizes interest and penalties related to uncertain tax positions as part of the provision for income taxes. Foreign Currency Contracts The Company uses foreign currency contracts as a part of its strategy to limit its exposures to fluctuations in foreign currency exchange rates related to foreign currency denominated monetary assets and liabilities. The time duration of these foreign currency contracts approximates the underlying foreign currency transaction exposures, generally less than three months. These foreign currency contracts are not designated as cash flow, fair value or net investment hedges. Changes in the fair value of these foreign currency contracts are recognized in income before income taxes. Recent Accounting Pronouncements The following table provides a brief description of recent Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”): Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response to SEC’s Disclosure Update and Simplification Initiative.” ASU 2023-06 clarifies or improves disclosure and presentation requirements of a variety of topics, which allow users to easily compare entities subject to the SEC’s existing disclosure requirements with those entities that were not previously subject to such requirements and align the requirements in the FASB Accounting Standards Codification with the SEC’s regulations. The effective date for each amendment in ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently evaluating the impact of ASU 2023-06 on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)-Improvements to Reportable Segment Disclosures." ASU 2023-07 clarifies or improves financial reporting by requiring disclosure of incremental segment information. The amendments require disclosure, on an annual and interim basis for all public entities, significant segment expenses included in segment profit or loss, an amount and description of "other segment items" included in segment profit or loss, and an explanation of how reported segment profit or loss is assessed and allocated. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740)-Improvements to Income Tax Disclosures." ASU 2023-09 provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statement disclosures.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue The Company accounts for its revenue transactions in accordance with ASC 606, “Revenue from Contracts with Customers,” which requires entities to recognize revenue in a way that depicts the transfer of control over goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue recognition for arrangements within the scope of ASC 606 includes the following five steps: (i) identifying the contract(s) with a customer; (ii) identifying the performance obligations in the contract; (iii) determining the transaction price; (iv) allocating the transaction price to the performance obligations in the contract; and (v) recognizing revenue when (or as) a performance obligation is satisfied. The Company recognizes revenue when control of promised goods or services is transferred to the customer. The transfer of control generally occurs upon shipment when title and risk of loss pass to the customer. The vast majority of the Company’s revenue is generated from the sale of distinct products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for such products, which is generally at contractually stated prices. Sales taxes and value added taxes collected concurrently with revenue generating activities are excluded from revenue. Performance Obligations Substantially all of the Company’s revenue is recognized at a point in time, upon shipment, rather than over time. At the request of its customers, the Company may perform professional services, generally for the maintenance and repair of products previously sold to those customers and for engineering services. Professional services are typically short in duration, mostly less than one month , and aggregate to less than 3 % of the Company’s consolidated revenue. Revenue is typically recognized at a point in time when control transfers to the customer upon completion of professional services. These services generally involve a single distinct performance obligation. The consideration expected to be received in exchange for such services is normally the contractually stated amount. The Company occasionally sells separately priced non-standard/extended warranty services or preventative maintenance plans with the sale of products. The transfer of control over the service plans is over time. The Company recognizes the related revenue ratably over the terms of the service plans. The transaction price of a contract is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using the expected cost plus a margin. Shipping and Handling Costs The Company accounts for shipping and handling activities that occur after the transfer of control over the related goods as fulfillment activities rather than performance obligations. The shipping and handling fees charged to customers are recognized as revenue and the related costs are recorded in cost of revenue at the time of transfer of control. Warranties The Company generally provides warranties for its products. The standard warranty period is typically 12 months to 36 months . The standard warranty period for product sales is accounted for under the provisions of ASC 450, “Contingencies,” as the Company has the ability to ascertain the likelihood of the liability and can reasonably estimate the amount of the liability. A provision for the estimated warranty cost is recorded in cost of revenue at the time revenue is recognized. The Company’s estimate of costs to service the warranty obligations is based on historical experience and expectations of future conditions. To the extent that the Company’s experience in warranty claims or costs associated with servicing those claims differ from the original estimates, revisions to the estimated warranty liability are recorded at that time, with an offsetting adjustment to cost of revenue. Practical Expedients and Exemptions The Company expenses incremental direct costs of obtaining a contract when incurred if the expected amortization period is one year or less. These costs are recorded within selling, general and administrative expenses in the consolidated statement of operations. The Company does not adjust the promised amount of consideration for the effects of a financing component because the time period between the transfer of a promised good to a customer and the customer’s payment for that good is typically one year or less. The Company does not disclose the value of the remaining performance obligation for contracts with an original expected length of one year or less. Contract Liabilities Contract liabilities consist of deferred revenue and advance payments from customers, including amounts that are refundable. These contract liabilities are classified as either current or long-term liabilities in the consolidated balance sheet based on the timing of when the Company expects to recognize the related revenue. As of December 31, 2023 and December 31, 2022 , contract liabilities were $ 5.8 million and $ 8.4 million, respectively, and are included in accrued expenses and other current liabilities and other liabilities in the accompanying consolidated balance sheets. The decrease in the contract liability balance during the year ended December 31, 2023 is primarily due to $ 6.3 million of revenue recognized during the year that was included in the contract liability balance at December 31, 2022, partially offset by cash payments received in advance of satisfying performance obligations. Disaggregated Revenue See Note 18 for the Company’s disaggregation of revenue by segment, geography and end market.

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2023
Business Combinations [Abstract]
Business Combinations	4. Business Combinations 2022 Acquisitions On August 11, 2022 , the Company acquired 100 % of the outstanding shares of MPH Medical Devices S.R.O. ("MPH"), a Czech Republic-based manufacturer of medical consumables with plastics specialization in making medical disposable tube set products, for a total purchase price of € 21.8 million ($ 22.4 million), net of cash acquired. The acquisition was financed with borrowings under the Company's revolving credit facility and cash available on hand. The addition of MPH has expanded the Company's capacity and capabilities in the medical disposable tube set products within the Medical Solutions reportable segment. The acquisition of MPH has been accounted for as a business combination. The purchase price is allocated based upon a valuation of the fair values of assets acquired and liabilities assumed as of the acquisition date. The fair value of the real property were based on valuations using an income and cost approach, specifically the direct capitalization method and the replacement value approaches. These approaches are subject to key assumptions including market rent estimates, capitalization rates, local multipliers and remaining useful life. The sales comparison approach was not considered due to the limited data available on comparable properties. T he total purchase price for MPH was allocated as follows (in thousands): Purchase Price Allocation Cash $ 182 Accounts receivable 1,658 Inventories 957 Property, plant and equipment 12,094 Goodwill 9,863 Other assets 163 Total assets acquired 24,917 Accounts payable 562 Deferred tax liabilities 1,124 Other liabilities 664 Total liabilities assumed 2,350 Total assets acquired, net of liabilities assumed 22,567 Less: cash acquired 182 Purchase price, net of cash acquired $ 22,385 The purchase price allocation resulted in $ 9.9 million of goodwill. As the MPH acquisition was structured as a stock acquisition, the goodwill is not deductible for income tax purposes. The goodwill recorded represents the anticipated future benefits from the expansion of the Company's manufacturing capacity and capabilities for the medical disposal tube set products. The operating results of MPH were included in the Company’s results of operations beginning on August 12, 2022. MPH contributed revenues of $ 5.2 million and a profit before income taxes of $ 0.4 million for the year ended December 31, 2022. 2021 Acquisitions On August 30, 2021 , the Company acquired 100 % of the outstanding shares of ATI Industrial Automation, Inc. (“ATI”), an Apex, North Carolina-based leading supplier of intelligent end-of-arm technology solutions to OEMs for advanced industrial and surgical robots for a total purchase price of $ 213.2 million, net of cash acquired and net working capital adjustments. The purchase price consists of $ 169.2 million cash paid at closing, net of cash acquired and net working capital adjustments, and $ 44.0 million estimated fair value of contingent consideration as of the acquisition date. The initial cash purchase price was financed with borrowings under the Company’s revolving credit facility and cash available on hand. The Company expects that the addition of ATI will complement and add intelligent technology solutions to further expand the Company’s position in mission critical robotic applications within the Robotics and Automation reportable segment. On August 31, 2021 , the Company acquired 100 % of the outstanding shares of Schneider Electric Motion USA, Inc. (“SEM”), a Marlborough, Connecticut-based manufacturer of integrated motion control solutions and electronic controls for automation equipment for a total purchase price of $ 114.7 million, net of cash acquired and working capital adjustments. The acquisition was financed with borrowings under the Company’s revolving credit facility. The Company expects that the addition of SEM will complement and expand the Company’s presence in life science applications and industrial automation applications within the Robotics and Automation reportable segment. Allocation of Purchase Price The acquisitions of ATI and SEM have been accounted for as business combinations. The purchase price for each acquisition is allocated based upon a valuation of the fair values of assets acquired and liabilities assumed. Assets acquired and liabilities assumed have been recorded at their estimated fair values as of the acquisition dates. The fair values of intangible assets were based on valuations using an income approach, specifically the multi-period excess earnings method for customer relationships and the relief-from-royalty method for developed technologies, trademarks and trade names. The process for estimating the fair values of identifiable intangible assets requires the use of significant estimates and assumptions, including revenue growth rates, customer attrition rates, royalty rates, discount rates, technology obsolescence curves, and EBITDA margins. The excess of the purchase price over the fair values of tangible assets, identifiable intangible assets and assumed liabilities was recorded as goodwill for each acquisition. ATI The final purchase price for ATI was allocated as follows (in thousands): Purchase Price Allocation Cash $ 10,709 Accounts receivable 12,596 Inventories 18,151 Property, plant and equipment 4,618 Operating lease assets 11,263 Intangible assets 52,800 Goodwill 134,420 Other assets 229 Total assets acquired 244,786 Accounts payable 5,135 Current portion of operating lease liabilities 1,740 Operating lease liabilities 9,525 Other liabilities 4,452 Total liabilities assumed 20,852 Total assets acquired, net of liabilities assumed 223,934 Less: cash acquired 10,709 Add: net working capital adjustment 820 Less: contingent consideration 44,000 Initial purchase price, net of cash acquired $ 170,045 The fair value of intangible assets for ATI is comprised of the following (dollar amounts in thousands): Weighted Average Estimated Fair Amortization Value Period Developed technologies $ 19,800 15 years Customer relationships 23,900 15 years Trademarks and trade names 5,600 15 years Backlog 3,500 1 year Total $ 52,800 The purchase price allocation resulted in $ 52.8 million of identifiable intangible assets and $ 134.4 million of goodwill. Goodwill amounting to $ 134.4 million is expected to be deductible for U.S. income tax purposes. Intangible assets are being amortized over their weighted average useful lives primarily based upon the pattern in which anticipated economic benefits from such assets are expected to be realized. The goodwill recorded represents the anticipated incremental value of future cash flows potentially attributable to: (i) ATI’s ability to grow the business with existing and new customers, including leveraging the Company’s customer base; (ii) ATI’s ability to grow the business through new product introductions; and (iii) cost improvements due to the integration of ATI’s operations into the Company’s existing infrastructure. The operating results of ATI were included in the Company’s results of operations beginning on August 31, 2021. ATI contributed revenues of $ 34.0 million and a profit before income taxes of $ 3.4 million to the Company’s operating results for the year ended December 31, 2021. ATI’s profit before income taxes for the period from the acquisition date through December 31, 2021 included amortization of inventory fair value adjustments and amortization of purchased intangible assets of $ 3.5 million. SEM The final purchase price for SEM was allocated as follows (in thousands): Purchase Price Allocation Cash $ 3,881 Accounts receivable 4,240 Inventories 2,499 Property, plant and equipment 452 Intangible assets 54,570 Goodwill 68,291 Other assets 776 Total assets acquired 134,709 Accounts payable 1,325 Deferred tax liabilities 12,400 Other liabilities 2,420 Total liabilities assumed 16,145 Total assets acquired, net of liabilities assumed 118,564 Less: cash acquired 3,881 Total purchase price, net of cash acquired $ 114,683 The fair value of intangible assets for SEM is comprised of the following (dollar amounts in thousands): Weighted Average Estimated Fair Amortization Value Period Developed technologies $ 9,110 15 years Customer relationships 41,740 20 years Trademarks and trade names 370 4 years Backlog 3,350 1 year Total $ 54,570 The purchase price allocation resulted in $ 54.6 million of identifiable intangible assets and $ 68.3 million of goodwill. As the SEM acquisition was structured as a stock acquisition for income tax purposes, the goodwill is no t expected to be deductible for income tax purposes. Intangible assets are being amortized over their weighted average useful lives primarily based upon the pattern in which anticipated economic benefits from such assets are expected to be realized. The goodwill recorded represents the anticipated incremental value of future cash flows potentially attributable to: (i) SEM’s ability to grow the business with existing and new customers, including leveraging the Company’s customer base; (ii) SEM’s ability to grow the business through new product introductions; and (iii) cost improvements due to the integration of SEM’s operations into the Company’s existing infrastructure. The operating results of SEM were included in the Company’s results of operations beginning on September 1, 2021. SEM contributed revenues of $ 9.1 million and a profit before income taxes of $ 0.3 million to the Company’s operating results for the year ended December 31, 2021. SEM’s profit before income taxes for the period from the acquisition date through December 31, 2021 included amortization of inventory fair value adjustment and amortization of purchased intangible assets of $ 1.8 million. Acquisition Costs The Company recognized acquisition costs of zero , $ 1.0 million and $ 5.0 million in the years ended December 31, 2023, 2022 and 2021, respectively, related to the acquisitions that occurred during these years, if any. These costs consisted of finders’ fees, legal, valuation and other professional or consulting fees. These amounts were included in restructuring and acquisition related costs in the consolidated statements of operations.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Loss	5. Accumulated Other Comprehensive Loss Other comprehensive income (loss) is defined as other changes in stockholders’ equity that do not represent transactions with stockholders or in the Company’s stock. Changes in accumulated other comprehensive loss were as follows (in thousands): Total Accumulated Other Cumulative Pension Comprehensive Translation Liability Income (Loss) Adjustments Adjustments Balance at December 31, 2020 $ ( 12,241 ) $ ( 2,296 ) $ ( 9,945 ) Other comprehensive income (loss) ( 1,584 ) ( 3,457 ) 1,873 Amounts reclassified from accumulated other comprehensive loss (1) 959 — 959 Balance at December 31, 2021 ( 12,866 ) ( 5,753 ) ( 7,113 ) Other comprehensive income (loss) ( 19,555 ) ( 18,674 ) ( 881 ) Amounts reclassified from accumulated other comprehensive loss (1) 412 — 412 Balance at December 31, 2022 ( 32,009 ) ( 24,427 ) ( 7,582 ) Other comprehensive income (loss) 6,951 7,823 ( 872 ) Amounts reclassified from accumulated other comprehensive loss (1) 1,020 — 1,020 Balance at December 31, 2023 $ ( 24,038 ) $ ( 16,604 ) $ ( 7,434 ) (1) The amounts reclassified from accumulated other comprehensive loss were included in other income (expense) in the consolidated statements of operations.

Goodwill, Intangible Assets and

Goodwill, Intangible Assets and Impairment Charges	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Intangible Assets and Impairment Charges	6. Goodwill, Intangible Assets and Impairment Charges Goodwill The following table summarizes changes in goodwill during the year ended December 31, 2023 (in thousands): Amount Balance at beginning of year $ 478,897 Effect of foreign exchange rate changes 5,610 Balance at end of year $ 484,507 Goodwill by reportable segment as of December 31, 2023 was as follows (in thousands): Reportable Segment Precision Medicine and Manufacturing Medical Solutions Robotics and Automation Total Goodwill $ 211,380 $ 169,738 $ 254,618 $ 635,736 Accumulated impairment of goodwill ( 102,461 ) ( 31,722 ) ( 17,046 ) ( 151,229 ) Total $ 108,919 $ 138,016 $ 237,572 $ 484,507 Goodwill by reportable segment as of December 31, 2022 was as follows (in thousands): Reportable Segment Precision Medicine and Manufacturing Medical Solutions Robotics and Automation Total Goodwill $ 208,387 $ 167,891 $ 253,848 $ 630,126 Accumulated impairment of goodwill ( 102,461 ) ( 31,722 ) ( 17,046 ) ( 151,229 ) Total $ 105,926 $ 136,169 $ 236,802 $ 478,897 Intangible Assets Intangible assets as of December 31, 2023 and 2022, respectively, are summarized as follows (dollar amounts in thousands): December 31, 2023 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Life (Years) Amortizable intangible assets: Patents and developed technologies $ 187,092 $ ( 146,342 ) $ 40,750 9.6 Customer relationships 225,183 ( 142,478 ) 82,705 14.4 Trademarks and trade names 23,628 ( 15,088 ) 8,540 9.5 Amortizable intangible assets 435,903 ( 303,908 ) 131,995 12.6 Non-amortizable intangible assets: Trade names 13,027 — 13,027 Total $ 448,930 $ ( 303,908 ) $ 145,022 December 31, 2022 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Life (Years) Amortizable intangible assets: Patents and developed technologies $ 184,589 $ ( 132,350 ) $ 52,239 10.1 Customer relationships 222,173 ( 121,527 ) 100,646 15.0 Trademarks and trade names 23,311 ( 13,457 ) 9,854 10.0 Amortizable intangible assets 430,073 ( 267,334 ) 162,739 13.2 Non-amortizable intangible assets: Trade names 13,027 — 13,027 Total $ 443,100 $ ( 267,334 ) $ 175,766 All definite-lived intangible assets are amortized either on a straight-line basis or an economic benefit basis over their remaining estimated useful life. Amortization expense for patents and developed technologies is included in cost of revenue in the accompanying consolidated statements of operations. Amortization expense for customer relationships and definite-lived trademarks, trade names and other intangibles is included in operating expenses in the accompanying consolidated statements of operations. Amortization expense was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Amortization expense – cost of revenue $ 12,150 $ 13,270 $ 13,288 Amortization expense – operating expenses 20,445 26,338 16,577 Total amortization expense $ 32,595 $ 39,608 $ 29,865 Estimated future amortization expense for each of the five succeeding years and thereafter is as follows (in thousands): Year Ending December 31, Cost of Operating Total 2024 $ 9,961 $ 17,297 $ 27,258 2025 8,428 14,632 23,060 2026 7,035 12,452 19,487 2027 4,266 10,041 14,307 2028 3,388 8,310 11,698 Thereafter 7,672 28,513 36,185 Total $ 40,750 $ 91,245 $ 131,995 Impairment Charges The Company did no t have any goodwill or indefinite-lived intangible asset impairment charges during 2023, 2022, or 2021.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements ASC 820, “Fair Value Measurement,” establishes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the third is considered unobservable: Level 1: Quoted prices for identical assets or liabilities in active markets which the Company can access Level 2: Observable inputs other than those described in Level 1 Level 3: Unobservable inputs Current Assets and Liabilities The Company’s cash equivalents are highly liquid investments with original maturities of three months or less, which represent an asset the Company measures at fair value on a recurring basis. The Company determines the fair value of cash equivalents using a market approach based on quoted prices in active markets. The fair values of cash equivalents, accounts receivable, income taxes receivable, accounts payable, income taxes payable and accrued expenses and other current liabilities approximate their carrying values because of their short-term nature. Foreign Currency Contracts The Company addresses market risks from changes in foreign currency exchange rates through a risk management program that includes the use of derivative financial instruments to mitigate certain balance sheet foreign currency transaction exposures. The Company uses foreign currency forward contracts as a part of its strategy to manage exposures related to foreign currency denominated monetary assets and liabilities. Contingent Considerations On July 31, 2019 , the Company acquired ARGES GmbH (“ARGES”). Under the purchase and sale agreement for the ARGES acquisition, the former owner of ARGES is eligible to receive contingent consideration based on the achievement of certain revenue targets by the Company from August 2019 through December 2026. The undiscounted range of possible contingent consideration is zero to € 10.0 million ($ 11.1 million). If the revenue targets are achieved, the contingent consideration would be payable annually with the first payment due in the first quarter of 2021. The estimated fair value of the contingent consideration of € 7.1 million ($ 7.9 million) was determined based on the Monte Carlo valuation method and was recorded as part of the purchase price as of the acquisition date. Subsequent changes in the estimated fair value of the contingent consideration liability are recorded in the consolidated statement of operations in restructuring, acquisition and related costs until the liability is fully settled. During 2020, the fair value of the contingent consideration was adjusted to € 4.1 million ($ 5.1 million). The Company made the first installment payment of € 0.4 million ($ 0.4 million) in March 2021 and adjusted the fair value of the contingent consideration to € 3.3 million ($ 3.8 million) as of December 31, 2021. The Company made the second installment payment of € 0.3 million ($ 0.4 million) in March 2022. Based on the revenue performance and revenue projections as of December 31, 2022, the fair value of the remaining contingent consideration was adjusted to € 0.4 million ($ 0.4 million). The Company made the third installment payment of € 0.1 million ($ 0.1 million) in July 2023. Based on the revenue performance and revenue projections as of December 31, 2023, the Company did not make any further adjustments to the fair value of the remaining contingent consideration during the year ended December 31, 2023. The installment payments have been reported as cash outflows from financing activities in the consolidated statement of cash flows for the respective periods. The following table summarizes the fair values of the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (in thousands): Fair Value Quoted Price in Significant Other Significant Other Assets Cash equivalents $ 1,392 $ 1,392 $ — $ — Prepaid expenses and other current assets: Foreign currency forward contracts 379 — 379 — $ 1,771 $ 1,392 $ 379 $ — Liabilities Accrued expenses and other current liabilities: Contingent considerations - Current $ 48 $ — $ — $ 48 Foreign currency forward contracts 312 — 312 — Other liabilities: Contingent considerations - Long-term 311 — — 311 $ 671 $ — $ 312 $ 359 The following table summarizes the fair values of the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 (in thousands): Fair Value Quoted Price in Significant Other Significant Other Assets Cash equivalents $ 1,369 $ 1,369 $ — $ — Prepaid expenses and other current assets: Foreign currency forward contracts 391 — 391 — $ 1,760 $ 1,369 $ 391 $ — Liabilities Accrued expenses and other current liabilities: Contingent considerations - Current $ 124 $ — $ — $ 124 Foreign currency forward contracts 412 — 412 — Other liabilities: Contingent considerations - Long-term 301 — — 301 $ 837 $ — $ 412 $ 425 During the years ended December 31, 2023 and 2022, there were no transfers between fair value levels. Changes in the fair value of Level 3 contingent considerations for the year ended December 31, 2023 were as follows (in thousands): Contingent Considerations Balance at December 31, 2022 $ 425 Payments ( 81 ) Effect of foreign exchange rates 15 Balance at December 31, 2023 $ 359 See Note 11 for a discussion of the estimated fair value of the Company’s outstanding debt and Note 14 for a discussion of the estimated fair value of the Company’s pension plan assets.

Foreign Currency Contracts

Foreign Currency Contracts	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign Currency Contracts	8. Foreign Currency Contracts The Company addresses market risks from changes in foreign currency exchange rates through a risk management program that includes the use of derivative financial instruments to mitigate certain foreign currency transaction exposures from future settlement of non-functional currency monetary assets and liabilities as of the end of a period. The Company does not enter into derivative transactions for speculative purposes. Gains and losses on derivative financial instruments substantially offset losses and gains on the underlying hedged exposures. Furthermore, the Company manages its exposure to counterparty risks on derivative instruments by entering into contracts with a diversified group of major financial institutions and by actively monitoring outstanding positions. As of December 31, 2023 , the notional amount and fair value of the Company’s foreign currency forward contracts was $ 172.3 million and a net gain of $ 0.1 million, respectively. As of December 31, 2022 , the notional amount and fair value of the Company’s foreign currency forward contracts was $ 117.1 million and a net loss of less than $ 0.1 million, respectively. For the years ended December 31, 2023, 2022 and 2021, the Company recognized aggregate net gain of $ 2.5 million, net loss of $( 2.4 ) million, and net gain of $ 1.3 million, respectively, from the settlement of foreign currency forward contracts, which were included in foreign exchange transaction gains (losses) in the consolidated statements of operations.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings per Common Share	9. Earnings per Common Share Basic earnings per common share is computed by dividing net income by the weighted average number of common shares outstanding during the year. For diluted earnings per common share, the denominator includes the dilutive effect of outstanding common share equivalents. The dilutive effects of outstanding common share equivalents, including outstanding restricted stock units, stock options and performance-based restricted stock units, are determined using the treasury stock method. Performance-based restricted stock units are considered contingently issuable shares, the vesting of which may be based on achievement of specified company performance conditions (“attainment-based PSUs”), certain market conditions (“market-based PSUs”) or a hybrid of specified company performance conditions and market conditions (“hybrid PSUs”). The dilutive effects of market-based PSUs are included in the weighted average common share calculation based on the number of shares, if any, that would be issuable as of the end of the reporting period, assuming the end of the reporting period is also the end of the performance period. The dilutive effects of attainment-based and hybrid PSUs are included in the weighted average common share calculation based on the cumulative achievement against the performance targets only when the performance targets have been achieved as of the end of the reporting period. The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share amounts): Year Ended December 31, 2023 2022 2021 Numerators: Net income $ 72,878 $ 74,051 $ 50,331 Denominators: Weighted average common shares outstanding— basic 35,844 35,652 35,396 Dilutive potential common shares 187 257 385 Weighted average common shares outstanding— diluted 36,031 35,909 35,781 Antidilutive potential common shares excluded from above 99 91 13 Earnings per Common Share: Basic $ 2.03 $ 2.08 $ 1.42 Diluted $ 2.02 $ 2.06 $ 1.41 For the year ended December 31, 2023 , 104 thousand shares of attainment-based and hybrid PSUs were excluded from the calculation of the denominator because they were considered contingently issuable shares and the related performance targets had not been achieved as of December 31, 2023. For the year ended December 31, 2022 , 99 thousand shares of attainment-based PSUs were excluded from the calculation of the denominator because they were considered contingently issuable shares and the related performance targets had not been achieved of December 31, 2022. For the year ended December 31, 2021, 82 thousand shares of attainment-based PSUs granted to certain members of the executive management team and 213 thousand shares of attainment-based restricted stock issued to Laser Quantum former non-controlling interest shareholders were excluded from the calculation of the denominator because they were considered contingently issuable shares and the related performance targets had not been achieved as of December 31, 2021.

Supplementary Balance Sheet Inf

Supplementary Balance Sheet Information	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplementary Balance Sheet Information	10. Supplementary Balance Sheet Information The following tables provide the details of selected balance sheet items as of the dates indicated (in thousands): Inventories December 31, 2023 2022 Raw materials $ 104,643 $ 118,292 Work-in-process 21,010 23,328 Finished goods 23,311 25,738 Demo and consigned inventory 407 639 Total inventories $ 149,371 $ 167,997 Property, Plant and Equipment, Net December 31, 2023 2022 Cost: Land, buildings and improvements $ 95,020 $ 86,026 Machinery and equipment 117,487 110,212 Total cost 212,507 196,238 Accumulated depreciation ( 103,058 ) ( 93,052 ) Property, plant and equipment, net $ 109,449 $ 103,186 The following table summarizes depreciation expense on property, plant and equipment, including demo units and assets under finance leases (in thousands): Year Ended December 31, 2023 2022 2021 Depreciation expense $ 14,017 $ 13,550 $ 13,529 Accrued Expenses and Other Current Liabilities The following table summarizes accrued expenses and other current liabilities as of the dates indicated (in thousands): December 31, 2023 2022 Accrued compensation and benefits $ 32,703 $ 35,501 Finance lease obligations 718 668 Contract liabilities, current portion 5,553 8,128 Accrued warranty 5,292 5,127 Other 16,790 13,620 Total $ 61,056 $ 63,044 Accrued Warranty The following table summarizes changes in accrued warranty for the periods indicated (in thousands): Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 5,127 $ 4,783 $ 4,919 Provision charged to cost of revenue 2,445 3,071 1,410 Warranty liabilities acquired from acquisitions — — 874 Use of provision ( 2,338 ) ( 2,615 ) ( 2,326 ) Foreign currency exchange rate changes 58 ( 112 ) ( 94 ) Balance at end of year $ 5,292 $ 5,127 $ 4,783 Other Long-term Liabilities The following table summarizes other long-term liabilities as of the dates indicated (in thousands): December 31, 2023 2022 Finance lease obligations $ 3,934 $ 4,652 Accrued contingent considerations and earn-outs 311 301 Other 1,687 1,132 Total $ 5,932 $ 6,085

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	11. Debt Debt consisted of the following (in thousands): December 31, 2023 2022 Senior Credit Facilities – term loan $ 4,994 $ 4,832 Less: unamortized debt issuance costs ( 26 ) ( 32 ) Total current portion of long-term debt 4,968 4,800 Senior Credit Facilities – term loan 74,655 77,060 Senior Credit Facilities – revolving credit facility 278,404 358,413 Less: unamortized debt issuance costs ( 3,655 ) ( 4,811 ) Total long-term debt 349,404 430,662 Total Senior Credit Facilities $ 354,372 $ 435,462 Senior Credit Facilities On December 31, 2019, the Company entered into an amended and restated credit agreement (the “Third Amended and Restated Credit Agreement”) with existing lenders for an aggregate credit facility of $ 450.0 million, consisting of a $ 100.0 million U.S. dollar equivalent euro-denominated (approximately € 90.2 million) 5 -year term loan facility and a $ 350.0 million 5 -year revolving credit facility (collectively, the “Senior Credit Facilities”). The Third Amended and Restated Credit Agreement had an original maturity date of December 31, 2024. On March 27, 2020, the Company entered into an amendment (the “First Amendment”) to the Third Amended and Restated Credit Agreement and exercised a portion of the uncommitted accordion option. The First Amendment increased the revolving credit facility commitment under the Third Amended and Restated Credit Agreement by $ 145.0 million, from $ 350.0 million to $ 495.0 million, and reset the uncommitted accordion option to $ 200.0 million for potential future expansion. On October 5, 2021, the Company entered into an amendment (the “Fourth Amendment”) to the Third Amended and Restated Credit Agreement to exercise the accordion option. The Fourth Amendment increased the revolving credit facility commitment under the Third Amended and Restated Credit Agreement by $ 200.0 million, from $ 495.0 million to $ 695.0 million, and reset the uncommitted accordion option to $ 200.0 million for potential future expansion. On March 10, 2022, the Company entered into an amendment (the "Fifth Amendment") to the Third Amended and Restated Credit Agreement to extend the maturity date from December 31, 2024 to March 10, 2027, update the pricing grid, replace LIBOR with SOFR as the reference rate for U.S. dollar borrowings, and increase the uncommitted accordion option from $ 200.0 million to $ 350.0 million. The borrowings outstanding under the Senior Credit Facilities bear interest at rates based on (a) the Base Rate, as defined in the Third Amended and Restated Credit Agreement, plus a margin ranging between 0.00 % to 0.75 % per annum, determined by reference to the Company’s consolidated leverage ratio, or (b) the Term SOFR Screen Rate, the Alternative Currency Daily Rate or the Alternative Currency Term Rate, as defined in the Third Amended and Restated Credit Agreement, plus a margin ranging between 0.75 % and 1.75 % per annum, determined by reference to the Company’s consolidated leverage ratio. In addition, the Company is obligated to pay a commitment fee on the unused portion of the revolving credit facility, ranging between 0.20 % and 0.30 % per annum, determined by reference to the Company’s consolidated leverage ratio. The Third Amended and Restated Credit Agreement contains various customary representations, warranties and covenants applicable to the Company and its subsidiaries, including, among others: (i) limitations on restricted payments, including dividend payments and stock repurchases, provided that the Company and its subsidiaries may repurchase their equity interests so long as, immediately after giving effect to the repurchase, the Company’s consolidated leverage ratio is no more than 3.25 :1.00, with a step up to 3.75 :1.00 for four consecutive quarters following an acquisition with an aggregate consideration greater than or equal to $50.0 million, and the satisfaction of certain other customary conditions; (ii) limitations on fundamental changes involving the Company and its subsidiaries; (iii) limitations on the disposition of assets; and (iv) limitations on indebtedness, investments, and liens. The Third Amended and Restated Credit Agreement also requires the Company to satisfy certain financial covenants, such as maintaining a minimum consolidated fixed charge coverage ratio of 1.50 :1.00 and a maximum consolidated leverage ratio of 3.50 :1.00. The maximum consolidated leverage ratio will increase to 4.00 :1.00 for four consecutive quarters following an acquisition with an aggregate consideration greater than or equal to $ 50.0 million . The outstanding principal balance under the term loan facility is payable in quarterly installments of € 1.1 million that began in March 2020, with the remaining balance due upon maturity. The Company may make additional principal payments at any time, which will reduce the next quarterly installment payment due. Borrowings under the revolving credit facility may be repaid at any time through March 2027 . As of December 31, 2023, the outstanding principal under the Company’s term loan facility is scheduled to be repaid as follows (in thousands): Principal Amount 2024 $ 4,994 2025 4,994 2026 4,994 2027 64,667 Total debt repayments $ 79,649 The Company may be required to prepay outstanding loans under the Third Amended and Restated Credit Agreement with the net proceeds from certain asset dispositions and incurrence of certain debt. At the election of the Company, and so long as no default shall have occurred, the Company may reinvest all, or any portion, of the net proceeds from such asset dispositions or incurrence of debt within a year. As of December 31, 2023 , the Company had $ 416.6 million additional borrowing capacity available under the revolving credit facility. Excluding commitment fees under the revolving credit facility, the weighted average interest rate for the Senior Credit Facilities was approximately 6.16 % as of December 31, 2023 . The commitment fee rate for the unused commitments under the revolving credit facility was approximately 0.25 % as of December 31, 2023. Guarantees The Senior Credit Facilities is guaranteed by Novanta Inc., Novanta Corporation, NDS Surgical Imaging LLC, Med X Change, LLC., Novanta Medical Technologies Corp., W.O.M. World of Medicine USA, Inc., Novanta Europe GmbH, Novanta U.K. Investments Holding Limited, Novanta Technologies U.K. Limited, ATI Industrial Automation, Inc., and ATI Industrial Mexico, LLC. (collectively, “Guarantors”). Each Guarantor, jointly and severally, unconditionally guarantees the due and punctual payment of the principal, interest and fees under the Senior Credit Facilities, when due and payable, whether at maturity, by required prepayment, by acceleration or otherwise. In addition, Guarantors guarantee the due and punctual payment, fees and interest on the overdue principal of the Senior Credit Facilities and the due and punctual performance of all obligations of the Company in accordance with the terms of the Third Amended and Restated Credit Agreement. Furthermore, each Guarantor, jointly and severally, unconditionally guarantees that in the event of any extension, renewal, amendment, refinancing or modification of any of the Senior Credit Facilities, amounts due will be promptly paid in full when due in accordance with the terms of the extension or renewal, at stated maturity, by acceleration or otherwise. The obligations of each Guarantor are limited to the maximum amount, after giving effect to all other contingent and fixed liabilities or any collections from, or payments made by or on behalf of, any other Guarantor. Each Guarantor that makes a payment or distribution under a Guarantee is entitled to a contribution from each other Guarantor of its pro rata share based on the adjusted net assets of each Guarantor. If at any time any payment of any of the obligations of the Guarantors is rescinded or must otherwise be returned upon the insolvency, bankruptcy or reorganization of the Company, a Guarantor or otherwise, the Guarantees will continue to be effective or be reinstated, as the case may be, as though such payment had not been made. Each Guarantor may be released from its obligations under its respective Guarantee and its obligations under the Third Amended and Restated Credit Agreement upon the occurrence of certain events, including, but not limited to: (i) the Guarantor ceasing to be a subsidiary; or (ii) payment in full of the principal and accrued and unpaid interest on the Senior Credit Facilities and all other obligations. The maximum potential amount of future payments that the Guarantors could be required to make under the Guarantee is the principal amount of the Senior Credit Facilities plus all accrued and unpaid interest thereon. However, as of December 31, 2023, the Guarantors were not expected to be required to perform under the Guarantee. Liens The Company’s obligations under the Senior Credit Facilities are secured, on a senior basis, by a lien on substantially all of the assets of Novanta Inc. The Third Amended and Restated Credit Agreement also contains customary events of default. Deferred Financing Costs In connection with the execution of the Fifth Amendment, the Company capitalized an additional $ 2.5 million of deferred financing costs and recorded a $ 0.6 million loss from the write-off of a portion of the unamortized deferred financing costs previously capitalized in connection with the Senior Credit Facilities. The Company allocated the deferred financing costs between the term loan and the revolving credit facility based on the maximum borrowing capacity and amortizes the costs on a straight-line basis over the term of the Senior Credit Facilities. Non-cash interest expense related to the amortization of the deferred financing costs was $ 1.2 million, $ 1.2 million and $ 1.2 million in 2023, 2022 and 2021, respectively. Unamortized deferred financing costs are presented as a reduction to the debt balances on the consolidated balance sheets. Fair Value of Debt As of December 31, 2023 and 2022 , the outstanding balance of the Company’s debt approximated its fair value based on current rates available to the Company for debt of the same maturities. The fair value of the Company’s debt is classified as Level 2 under the fair value hierarchy.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	12. Leases Most leases held by the Company expire between 2024 and 2036 . In the U.K., where longer lease terms are more common, the Company has a land lease that extends through 2078 . Certain leases include terms such as one or more options to renew, with renewal terms that can extend the lease term from one to 10 years , and options to terminate the leases within one year . The exercise of lease renewal or termination option is at the Company’s sole discretion; therefore, the majority of renewals to extend the lease terms are not included in the Company’s right-of-use assets and operating lease liabilities as they are not reasonably certain of being exercised. The Company regularly evaluates the renewal options and includes the renewal periods in the lease term when they are reasonably certain of being exercised. The depreciable life of right-of-use assets and leasehold improvements is limited to the expected lease terms. The following table summarizes the components of lease costs included in the statements of operations for the periods indicated (in thousands): Year Ended December 31, 2023 2022 2021 Operating lease cost $ 10,475 $ 10,387 $ 8,533 Finance lease cost Amortization of right-of-use assets 602 602 602 Interest on lease liabilities 274 308 340 Variable lease cost 1,007 1,145 1,074 Total lease cost $ 12,358 $ 12,442 $ 10,549 The following table provides the details of balance sheet information related to leases as of the dates indicated (in thousands, except lease term and discount rate): December 31, 2023 2022 Operating leases: Operating lease right-of-use assets $ 38,302 $ 43,317 Current portion of operating lease liabilities $ 8,189 $ 7,793 Operating lease liabilities 37,345 40,808 Total operating lease liabilities $ 45,534 $ 48,601 Finance leases: Property, plant and equipment, gross $ 9,582 $ 9,582 Accumulated depreciation ( 6,272 ) ( 5,670 ) Finance lease assets included in property, plant and equipment, net $ 3,310 $ 3,912 Accrued expenses and other current liabilities $ 718 $ 668 Other liabilities 3,934 4,652 Total finance lease liabilities $ 4,652 $ 5,320 Weighted-average remaining lease term (in years): Operating leases 7.6 8.2 Finance leases 5.5 6.5 Weighted-average discount rate: Operating leases 4.84 % 4.64 % Finance leases 5.54 % 5.54 % The following table provides the details of cash flow information related to leases for the periods indicated (in thousands): Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in lease liabilities: Operating cash flows from finance leases $ 274 $ 308 $ 340 Operating cash flows from operating leases $ 7,826 $ 7,876 $ 7,818 Financing cash flows from finance leases $ 657 $ 599 $ 9,310 Supplemental non-cash information: Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,046 $ 4,757 $ 22,574 Right-of-use assets obtained in exchange for new finance lease liabilities $ - $ - $ - During the year ended December 31, 2021, the Company paid $ 8.7 million upon the exercise of an option to purchase a building under a finance lease agreement in Germany. The cash payment has been presented as a cash outflow from financing activities in the consolidated statement of cash flows for the year ended December 31, 2021. Future minimum lease payments under operating and finance leases expiring subsequent to December 31, 2023, including operating leases associated with facilities that have been vacated as a result of the Company’s restructuring actions, are summarized as follows (in thousands): Year Ending December 31, Operating Leases Finance Leases 2024 $ 9,671 $ 954 2025 9,647 954 2026 8,105 979 2027 7,135 1,003 2028 4,530 1,003 Thereafter 16,783 501 Total minimum lease payments 55,871 5,394 Less: interest ( 10,337 ) ( 742 ) Present value of lease liabilities $ 45,534 $ 4,652

Stockholders_ Equity and Share-

Stockholders’ Equity and Share-Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stockholders’ Equity and Share-Based Compensation	13. Stockholders’ Equity and Share-Based Compensation Preferred Shares In May 2021, the Company’s shareholders approved a special resolution to amend the Company’s articles to authorize up to 7.0 million preferred shares for future issuance. The Company’s Board of Directors is authorized to designate and issue one or more series of preferred shares, fix the rights, preferences and designation, as deemed necessary or advisable, relating to the preferred shares, provided that no shares of any series may be entitled to more than one vote per share . As of December 31, 2023 , no preferred shares had been issued and outstanding. Common Shares The Company has an unlimited number of no-par value common shares authorized for issuance. Holders of common shares are entitled to one vote per share. Holders of common shares are entitled to receive dividends, if and when declared by the Board of Directors, and to share ratably in the Company’s assets legally available for distribution to shareholders in the event of liquidation. Holders of common shares have no redemption or conversion rights. Common Share Repurchases The Company’s Board of Directors may approve share repurchase plans from time to time. Under these repurchase plans, shares may be repurchased at the Company’s discretion based on ongoing assessment of the capital needs of the business, market prices of the Company’s common shares, and general market conditions. Shares may also be repurchased through an accelerated share purchase agreement, on the open market or in privately negotiated transactions in accordance with applicable federal securities laws. Repurchases may be made under certain SEC regulations, which would permit common shares to be repurchased when the Company would otherwise be prohibited from doing so under insider trading laws. While the share repurchase plans are generally intended to offset dilution from equity awards granted to the Company’s employees and directors, the plans do not obligate the Company to acquire any particular amount of common shares. No time limit is typically set for the completion of the share repurchase plans, and the plans may be suspended or discontinued at any time. The Company expects to fund share repurchases through cash on hand and cash generated from operations. In October 2018, the Company’s Board of Directors approved a share repurchase plan (the “2018 Repurchase Plan”) authorizing the repurchase of $ 25.0 million worth of common shares. Share repurchases have been made under the 2018 Repurchase Plan pursuant to Rule 10b-18 under the Securities Exchange Act of 1934. During 2019, the Company repurchased 119 thousand shares for an aggregate purchase price of $ 10.0 million at an average price of $ 83.71 per share under the 2018 Repurchase Plan. During 2020, the Company repurchased 65 thousand shares for an aggregate purchase price of $ 5.5 million at an average price of $ 84.55 per share. During 2022, the Company completed the 2018 Repurchase Plan and repurchased 80 thousand shares for an aggregate purchase price of $ 9.5 million at an average price of $ 118.97 per share. From the inception of the 2018 Repurchase Plan, the Company repurchased a cumulative total of 264 thousand shares for an aggregate purchase price of $ 25.0 million at an average price of $ 94.57 per share. In February 2020, the Company’s Board of Directors approved a new share repurchase plan (the “2020 Repurchase Plan”) authorizing the repurchase of an additional $ 50.0 million worth of common shares. During 2022, the Company repurchased 4 thousand shares for an aggregate purchase price of $ 0.5 million at an average price of $ 116.95 under the 2020 Repurchase Plan. No shares were repurchased during the year ended December 31, 2023. As of December 31, 2023 , the Company had $ 49.5 million available for future share repurchases under the 2020 Repurchase Plan. Amended and Restated 2010 Incentive Plan In November 2010, the Company’s shareholders approved the 2010 Incentive Award Plan under which the Company may grant share-based compensation awards to employees, consultants and directors. In May 2021, the Company’s shareholders approved an amended and restated 2010 Incentive Award Plan (as amended, the “Amended and Restated 2010 Incentive Plan”). The maximum number of shares which can be issued pursuant to the Amended and Restated 2010 Incentive Plan is 6,148,613 , subject to adjustment as set forth in the Amended and Restated 2010 Incentive Plan. The Amended and Restated 2010 Incentive Plan provides for the grant of incentive stock options, non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, deferred stock, deferred stock units, dividend equivalents, performance awards and stock payments (collectively referred to as “Awards”). The Amended and Restated 2010 Incentive Plan provides for specific limits on the number of shares with respect to Awards that may be granted to any one person during any calendar year and the amount of cash that can be paid with respect to Awards to any one person during any calendar year. The Amended and Restated 2010 Incentive Plan will expire and no further Awards may be granted after May 13, 2031 . As of December 31, 2023 , there were 1,900,581 shares available for future Awards under the Amended and Restated 2010 Incentive Plan. Shares subject to Awards that have expired, forfeited or settled in cash, or repurchased by the Company at the same price paid by the awardee may be added back to the number of shares available for grant under the Amended and Restated 2010 Incentive Plan and may be granted as new Awards. Notwithstanding the foregoing, the following shares will not be added back to the number of shares available for grant: (a) shares that are used to pay the exercise price for an option, (b) shares tendered or withheld to pay taxes with respect to any Award (other than options and stock appreciation rights) to the extent they exceed the number of shares with a fair market value equal to the tax liability based on minimum withholding rates, (c) shares tendered or withheld to pay taxes with respect to options and stock appreciation rights, (d) shares subject to a stock appreciation right that are not issued in connection with the stock settlement of the stock appreciation right on exercise thereof, and (e) shares purchased on the open market with the cash proceeds from the exercise of options. Shares issued to satisfy Awards under the Amended and Restated 2010 Incentive Plan may be previously authorized but unissued shares, treasury shares or shares repurchased on the open market. Share-Based Compensation Expense The table below summarizes share-based compensation expense recorded in operating income (in thousands): Year Ended December 31, 2023 2022 2021 Selling, general and administrative $ 21,963 $ 18,182 $ 17,255 Research and development and engineering 2,031 2,414 2,294 Cost of revenue 1,594 2,512 3,008 Restructuring and acquisition related costs — — 3,049 Total share-based compensation expense $ 25,588 $ 23,108 $ 25,606 The expense recorded during each of the three years ended December 31, 2023, 2022 and 2021 included $ 1.2 million, $ 1.1 million and $ 1.1 million, respectively, related to restricted stock units (“RSUs”) and deferred stock units (“DSUs”) granted to the members of the Company’s Board of Directors. As of December 31, 2023 , the Company’s outstanding equity awards for which compensation expense will be recognized in the future consisted of time-based RSUs, performance stock units (“PSUs”) and stock options granted under the Amended and Restated 2010 Incentive Plan. The Company expects to record an aggregate share-based compensation expense of $ 34.1 million, net of estimated forfeitures, over a weighted average period of 1.10 years subsequent to December 31, 2023, for all outstanding Awards as of December 31, 2023. Restricted Stock Units and Deferred Stock Units The Company’s RSUs have generally been issued to employees with vesting periods ranging from zero to five years and vest based solely on service conditions. Accordingly, the Company recognizes compensation expense on a straight-line basis over the requisite service period. The Company reduces the compensation expense by an estimated forfeiture rate which is based on anticipated forfeitures and actual experience. DSUs are granted to the members of the Company’s Board of Directors. The compensation expense associated with the DSUs is recognized in full on the respective date of grant, as DSUs are fully vested and non-forfeitable upon grant. Outstanding DSUs are converted into common shares upon Board members' resignation or retirement from the Board. There were 41 thousand and 38 thousand DSUs outstanding as of December 31, 2023 and December 31, 2022, respectively, which were included in the calculation of weighted average basic shares outstanding for the respective period. The table below summarizes activities during 2023 relating to restricted and deferred stock units issued and outstanding under the Amended and Restated 2010 Incentive Plan: Restricted and Deferred Weighted Weighted Average Aggregate Intrinsic (1) Unvested at December 31, 2022 238 $ 128.26 Granted 102 $ 156.43 Vested ( 109 ) $ 122.72 Forfeited ( 25 ) $ 139.97 Unvested at December 31, 2023 206 $ 143.97 1.01 years $ 34,714 Expected to vest as of December 31, 2023 190 $ 143.47 1.01 years $ 31,919 (1) The aggregate intrinsic value is calculated based on the fair value of $ 168.41 per common share as of December 31, 2023 due to the fact that the restricted and deferred stock units carry a $ 0 purchase price. The total fair value of restricted stock units and deferred stock units that vested in 2023, based on the market price of the underlying shares as of the date of vesting, was $ 16.9 million. Performance Stock Units The Company typically grants PSUs that are based on the Company's financial metrics, market conditions, or a hybrid of company financial metrics and market conditions. These PSUs generally cliff vest on the first day following the end of the specified performance period. The number of common shares to be issued upon settlement following vesting of attainment-based PSUs is determined based on the Company’s financial metrics over the specified performance period against the targets established by the Company’s Board of Directors at the time of grant and will be in the range of zero to 200 % of the target number of shares. The number of common shares to be issued upon settlement following vesting of market-based PSUs is determined based on the relative market performance of the Company’s common stock compared to the Russell 2000 Index over the specified performance period using a payout formula established by the Company’s Board of Directors at the time of grant and will be in the range of zero to 200 % of the target number of shares. The number of common shares to be issued upon settlement following vesting of hybrid PSUs is determined based on the Company's financial metrics achieved over the specified performance period against the targets established by the Company's Board of Directors at the time of grant with a market condition multiplier and will be in the range of zero to 260 % of the target number of shares. The table below summarizes activities during 2023 relating to performance-based restricted stock units issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan: Performance (2) Weighted Weighted Average Aggregate (3) Unvested at December 31, 2022 216 $ 144.16 Granted 57 $ 179.15 Performance adjustments (1) 20 $ 122.24 Vested ( 70 ) $ 116.56 Forfeited ( 18 ) $ 169.63 Unvested at December 31, 2023 205 $ 160.24 1.45 years $ 34,541 Expected to vest as of December 31, 2023 236 $ 161.43 1.45 years $ 39,690 (1) The amount shown represents performance adjustments related to the performance-based awards granted on February 20, 2020. These performance-based awards vested at a blended payout of 142 % during the year ended December 31, 2023 based on the achievement of cumulative Non-GAAP EPS and applicable relative TSR performance conditions, respectively, over the performance period of fiscal years 2020 through 2022. (2) The unvested PSUs are shown in this table at target. The number of shares vested reflects the number of shares earned and issued during the year. As of December 31, 2023 , the maximum number of PSUs available to be earned was approximately 367 thousand. (3) The aggregate intrinsic value is calculated based on the fair value of $ 168.41 per common share as of December 31, 2023 due to the fact that the performance stock units carry a $ 0 purchase price. The total fair value of PSUs that vested in 2023 , based on the market price of the underlying shares on the date of vesting, was $ 9.9 million. The grant-date fair value of the hybrid PSUs granted during the year ended December 31, 2023 was estimated using the Monte-Carlo valuation model with the following assumptions: Year Ended December 31, 2023 Grant-date stock price $ 156.72 Expected volatility 35.89 % Risk-free interest rate 4.44 % Expected annual dividend yield — Weighted average fair value $ 181.45 Stock Options In February 2023, the Company granted 48 thousand stock options to certain members of the executive management team to purchase common shares of the Company at an exercise price equal to the closing market price of the Company’s common shares on the date of grant. The stock options vest ratably over a three-year period from the date of grant and expire on the seven th anniversary of the date of grant. The following table shows stock options that were outstanding and exercisable as of December 31, 2023 and the related weighted average exercise price, weighted average remaining contractual term and aggregate intrinsic value: Stock Options Weighted Weighted Aggregate Intrinsic Value (1) (In thousands) Outstanding as of December 31, 2022 84 $ 72.18 Granted 48 $ 156.72 Exercised — $ — Forfeited or expired — $ — Outstanding as of December 31, 2023 132 $ 102.86 4.55 years $ 8,636 Exercisable as of December 31, 2023 57 $ 42.49 2.92 years $ 7,209 Expected to vest as of December 31, 2023 75 $ 149.25 5.80 years $ 1,428 (1) The aggregate intrinsic value is calculated as the difference between the closing market price of $ 168.41 per common share as of December 31, 2023 and the exercise price of the stock options. The aggregate Black-Scholes fair value of $ 3.0 million for the stock options granted during 2023 was estimated using the following assumptions as of the grant date: Year Ended December 31, 2023 Expected option term in years 4.5 Expected volatility 40.7 % Risk-free interest rate 4.00 % Expected annual dividend yield — The expected option term was calculated using the simplified method permitted under Codification of Staff Accounting Bulletins Topic 14, “Share-Based Payment”. The expected volatility was determined based on the historical volatility of the Company’s common shares over the expected option term. Risk-free interest rate was based upon treasury instrument whose term was six months longer than the expected option term. The expected annual dividend yield is zero as the Company does not have plans to issue dividends.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	14. Employee Benefit Plans Defined Contribution Plans The Company has defined contribution employee retirement savings plans in the U.S., the U.K. and Japan. The Company matches the contributions of participating employees on the basis of percentages specified in each plan. The Company’s matching contributions to the plans were $ 6.8 million, $ 5.9 million and $ 4.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Defined Benefit Plan The Company maintains a frozen defined benefit pension plan in the U.K. (the “U.K. Plan”). The U.K. Plan was closed to new membership in 1997 and stopped accruing additional pension benefits for existing members in 2003. Benefits under the U.K. Plan were based on the participants’ years of service and compensation as of the date the plan was frozen in 2003, adjusted for inflation. The Company continues to fund the plan in accordance with the pension regulations in the U.K. The net periodic pension cost is included in other income (expense) in the consolidated statements of operations and consisted of the following components (in thousands): Year Ended December 31, 2023 2022 2021 Components of the net periodic pension cost: Interest cost $ 1,185 $ 669 $ 554 Expected return on plan assets ( 1,440 ) ( 1,286 ) ( 1,120 ) Amortization of actuarial losses 990 380 928 Amortization of prior service cost 30 32 31 Net periodic pension cost $ 765 $ ( 205 ) $ 393 The actuarial assumptions used to compute the net periodic pension cost for the years ended December 31, 2023, 2022 and 2021, respectively, were as follows: Year Ended December 31, 2023 2022 2021 Weighted-average discount rate 4.8 % 1.8 % 1.2 % Weighted-average long-term rate of return on plan assets 5.3 % 3.2 % 2.5 % The actuarial assumptions used to compute the benefit obligations as of December 31, 2023 and 2022, respectively, were as follows: December 31, 2023 2022 Weighted-average discount rate 4.5 % 4.8 % Rate of inflation 2.8 % 2.7 % The discount rates used are derived from (AA) corporate bonds that have maturities approximating the terms of the pension obligations under the U.K. Plan. In estimating the expected return on plan assets, the Company considered the historical performance of the major asset classes held by the U.K. Plan and current forecasts of future rates of return for these asset classes. The following table provides a reconciliation of benefit obligations and plan assets of the U.K. Plan (in thousands): December 31, 2023 2022 Change in benefit obligation: Projected benefit obligation at beginning of year $ 24,597 $ 41,398 Interest cost 1,185 669 Actuarial (gains) losses (1) 445 ( 12,135 ) Benefits paid ( 1,257 ) ( 1,191 ) Prior service cost — — Foreign currency exchange rate changes 1,289 ( 4,144 ) Projected benefit obligation at end of year $ 26,259 $ 24,597 Accumulated benefit obligation at end of year $ 26,259 $ 24,597 Change in plan assets: Fair value of plan assets at beginning of year $ 26,609 $ 44,187 Actual return on plan assets 1,575 ( 12,927 ) Employer contributions 1,007 971 Benefits paid ( 1,257 ) ( 1,191 ) Foreign currency exchange rate changes 1,417 ( 4,431 ) Fair value of plan assets at end of year $ 29,351 $ 26,609 Funded status at end of year $ 3,092 $ 2,012 Amounts included in accumulated other comprehensive loss not yet recognized in net periodic pension cost: Net actuarial losses at beginning of year $ ( 8,076 ) $ ( 7,206 ) Net actuarial gains (losses) during the year ( 310 ) ( 2,078 ) Prior service cost arising during the year - - Amounts reclassified from accumulated other comprehensive loss to income before income taxes 1,020 412 Foreign currency exchange rate changes ( 406 ) 796 Net actuarial losses $ ( 7,772 ) $ ( 8,076 ) (1) Actuarial (gains)/losses in the U.K. Plan for the years ended December 31, 2023 and 2022 , respectively, primarily resulted from changes in the discount rate assumptions. The funded status of the U.K. Plan was included in other long term assets on the accompanying consolidated balance sheet as of December 31, 2023 and December 31, 2022, respectively. The following table reflects the total expected benefit payments to plan participants for each of the next five years and the following five years in aggregate and have been estimated based on the same assumptions used to measure the Company’s benefit obligations as of December 31, 2023 (in thousands): Amount 2024 $ 1,363 2025 1,365 2026 1,568 2027 1,661 2028 1,723 2029-2033 9,436 Total $ 17,116 In the U.K., defined benefit pension plan funding valuations are conducted every three years to determine the future level of contributions. Based on the results of the most recent valuation as of January 1, 2021, the Company is scheduled to make a required funding contribution of approximately $ 0.3 million in 2024. Future annual funding contributions will be determined in the next statutory funding valuation to be completed in 2024. Fair Value of Plan Assets The trustee of the U.K. Plan has the fiduciary responsibilities to manage the plan assets in consultation with the Company. The overall objective is to invest plan assets in a portfolio of diversified assets, primarily through the use of institutional collective funds. The current approach is a balanced growth strategy that combines investments in growth assets (such as equities and credit) with investments in debt instruments that match a portion of the expected future benefit payments. This approach will gradually shift to a strategy that is progressively more focused on matching the benefit payments based on a series of de-risking triggers that are based on the funding level. As these triggers are hit, the assets will shift from growth assets into fixed income investments leading to an increasingly low risk approach. The following table summarizes the fair values of Plan assets by asset category as of December 31, 2023 (in thousands): Asset Category Fair Value Quoted Prices in Active Markets Significant Other Observable Significant Other Unobservable Not Mutual Funds: Balanced (1) $ 18,978 $ — $ — $ — $ 18,978 Fixed income (2) 10,129 — — — 10,129 Cash 244 244 — — — Total $ 29,351 $ 244 $ — $ — $ 29,107 (1) This class comprises a diversified portfolio of global investments which seeks growth from equities and credit assets. It is allocated on a weighted average basis as follows: equities ( 11 %), bonds ( 64 %) and other assets ( 25 %). (2) This class comprises a diversified portfolio of global investments which seeks fixed income growth and is allocated on a weighted average basis as follows: bonds ( 95 %) and other assets ( 5 %). The following table summarizes the fair values of Plan assets by asset category as of December 31, 2022 (in thousands): Asset Category Fair Value Quoted Prices in Active Markets Significant Other Observable Significant Other Unobservable Not Mutual Funds: Balanced (1) $ 17,025 $ — $ — $ — $ 17,025 Fixed income (2) 9,355 — — — 9,355 Cash 229 229 — — — Total $ 26,609 $ 229 $ — $ — $ 26,380 (1) This class comprises a diversified portfolio of global investments which is allocated on a weighted average basis as follows: equities ( 12 %), bonds ( 67 %), other assets ( 20 %) and cash ( 1 %). (2) This class comprises a diversified portfolio of global investments which seeks fixed income growth and is allocated on a weighted average basis as follows: bonds ( 78 %), other assets ( 13 %) and cash ( 9 %).

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	15. Income Taxes Components of the Company’s income (loss) before income taxes are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Income (loss) before income taxes: Canada $ ( 6,490 ) $ ( 4,946 ) $ ( 1,371 ) U.S. 38,992 28,365 19,168 Other 51,246 63,740 38,375 Total $ 83,748 $ 87,159 $ 56,172 Components of the Company’s income tax provision (benefit) are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current Canada $ 59 $ 65 $ 95 U.S. 14,424 17,205 205 Other 11,113 14,492 9,486 25,596 31,762 9,786 Deferred Canada — — 493 U.S. ( 12,224 ) ( 15,370 ) ( 2,133 ) Other ( 2,502 ) ( 3,284 ) ( 2,305 ) ( 14,726 ) ( 18,654 ) ( 3,945 ) Total $ 10,870 $ 13,108 $ 5,841 The Company is incorporated in Canada and therefore uses the Canadian statutory rate for income tax disclosure. The reconciliation of the statutory Canadian tax rate to the effective tax rate related to income before income taxes is as follows (in thousands, except percentage data): Year Ended December 31, 2023 2022 2021 Statutory Canadian tax rate 29.00 % 29.00 % 29.00 % Expected income tax provision at Canadian statutory tax rate $ 24,287 $ 25,276 $ 16,291 International tax rate differences ( 4,804 ) ( 6,289 ) ( 3,621 ) U.S. state income taxes, net 860 3 ( 249 ) Withholding and other taxes 300 789 429 Transaction costs and permanent differences 423 140 1,169 Disallowed compensation 2,571 2,138 1,111 Foreign-derived intangible income ( 4,500 ) ( 4,467 ) ( 1,211 ) Tax credits ( 3,602 ) ( 2,256 ) ( 1,408 ) Statutory tax rate changes 165 — 489 Uncertain tax positions 90 ( 168 ) ( 472 ) Change in valuation allowance 2,068 2,048 918 Acquisition contingent consideration adjustments — ( 698 ) 87 Provision to return differences ( 1,056 ) ( 19 ) 33 Windfall benefit from share-based compensation ( 1,685 ) ( 254 ) ( 5,131 ) U.K. patent box ( 4,247 ) ( 3,135 ) ( 2,594 ) Reported income tax provision $ 10,870 $ 13,108 $ 5,841 Effective tax rate 13.0 % 15.0 % 10.4 % Deferred income taxes result principally from temporary differences in the recognition of certain revenue and expense items and operating loss and tax credit carryforwards for financial and tax reporting purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 are as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Losses $ 11,274 $ 9,954 Operating lease liabilities 10,194 11,117 Compensation related deductions 8,457 9,010 Inventories 12,497 9,368 Tax credits 3,222 2,624 Capitalized R&D 25,238 13,623 Warranty 964 836 Other 724 284 Total deferred tax assets 72,570 56,816 Valuation allowance on deferred tax assets ( 16,674 ) ( 14,568 ) Net deferred tax assets $ 55,896 $ 42,248 Deferred tax liabilities: Depreciation $ ( 5,389 ) $ ( 4,049 ) Amortization ( 24,436 ) ( 26,746 ) Operating lease right-of-use assets ( 9,198 ) ( 10,477 ) Deferred revenue ( 5,316 ) $ ( 3,057 ) Total deferred tax liabilities $ ( 44,339 ) $ ( 44,329 ) Net deferred tax assets (liabilities) $ 11,557 $ ( 2,081 ) In determining its income tax provisions, the Company calculated deferred tax assets and liabilities for each separate jurisdiction. The Company then considered a number of factors, including positive and negative evidence related to the realization of its deferred tax assets, to determine whether a valuation allowance should be recognized with respect to its deferred tax assets. The Company began to capitalize research and development (“R&D”) expenditures in 2022 in accordance with the Tax Cuts and Jobs Act of 2017 (“TCJA”) which requires that R&D expenditures be capitalized and amortized for income tax purposes over five years for domestic research and fifteen years for foreign research, rather than being deducted as incurred. This has the effect of increasing the Company’s cash taxes and deferred tax assets. In 2023 the Company’s deferred tax assets related to capitalized R&D expenditures increased $ 11.6 million, which also creates an effective tax rate benefit of 2.4 % by increasing the Company's Foreign Derived Intangible Income deduction. In 2023, the Company recorded an additional $ 2.1 million valuation allowance. In 2022, the Company recorded an additional $ 2.0 million valuation allowance. In 2021, the Company recorded an additional $ 0.9 million valuation allowance. As of December 31, 2023, the Company had valuation allowances on Canada net Operating and capital loss carryforwards, U.K. capital loss carryforwards, certain U.S. state net operating losses, and state and foreign tax credits that the Company has determined that it is not more likely than not that they will be realized. In conjunction with the Company’s ongoing review of its actual results and anticipated future earnings, the Company continuously reassesses the possibility of releasing the valuation allowance currently in place on its deferred tax assets. As of December 31, 2023, the Company had net operating loss carryforwards of $ 5.7 million (tax effected). Of this amount, approximately $ 5.2 million relates to Canada and begins to expire starting in 2033 and had a full valuation allowance. The remaining $ 0.5 million relates to various U.S. jurisdictions, which will begin to expire in 2024 through 2043 . In addition, the Company had capital loss carryforwards of $ 5.6 million, which can be carried forward indefinitely and had a full valuation allowance. Of this amount, approximately $ 4.9 million related to Canada and the remaining $ 0.7 million relates to the U.K, respectively. As of December 31, 2022, the Company had net operating loss carryforwards of $ 4.4 million (tax effected). Of this amount, approximately $ 3.9 million relates to Canada and begins to expire starting in 2033 and had a full valuation allowance. The remainder $ 0.5 million relates to various U.S. and other foreign jurisdictions, of which $ 0.1 million can be carried forward indefinitely and the remaining $ 0.4 million will begin to expire in 2023 through 2036 . In addition, the Company had capital loss carryforwards of $ 5.6 million, which can be carried forward indefinitely and had a full valuation allowance. Of this amount, approximately $ 4.9 million related to Canada and the remaining $ 0.7 million related to U.K. As of December 31, 2023, the Company had tax credit carryforwards of approximately $ 3.7 million. Approximately $ 3.0 million relates to the U.S. and other immaterial foreign jurisdictions that will expire through 2039 , and $ 0.7 million tax credit carryforwards relate to Canada that can be carried forward indefinitely. The Company had a $ 2.9 million valuation allowance on the tax credit carryforwards. As of December 31, 2022, the Company had tax credit carryforwards of approximately $ 3.0 million. Approximately $ 2.3 million relates to the U.S. and other immaterial foreign jurisdictions that will expire through 2038 and $ 0.7 million tax credit carryforwards relates to Canada that can be carried forward indefinitely. The Company had a $ 2.5 million valuation allowance on the tax credit carryforwards. Income and foreign withholding taxes have not been recognized on the excess of the amount for financial reporting purposes over the tax basis of investments in foreign subsidiaries that are essentially permanent in nature. This amount becomes taxable upon a repatriation of assets from a subsidiary or a sale or liquidation of a subsidiary. The amount of undistributed earnings of foreign subsidiaries totaled $ 405.8 million as of December 31, 2023. The estimated unrecognized income tax and foreign withholding tax liability on these undistributed earnings is approximately $ 5.5 million. As of December 31, 2023, the Company’s total amount of unrecognized tax benefits was $ 4.3 million, of which $ 3.8 million would favorably affect the effective tax rate if benefited. Over the next twelve months, the Company may need to reverse up to $ 0.3 million of previously recorded unrecognized tax benefits due to statute of limitations closures. The Company believes there are no jurisdictions in which the outcome of unresolved issues or claims is likely to be material to its consolidated results of operations, financial position or cash flows. Furthermore, the Company believes that it has adequately provided for all significant income tax uncertainties. The reconciliation of the total amounts of unrecognized tax benefits is as follows (in thousands): Balance at December 31, 2020 $ 5,258 Additions based on tax positions related to the current year 1,162 Additions for tax positions of prior years 9 Reductions to tax positions of prior years ( 41 ) Reductions to tax positions resulting from a lapse of the applicable statute of limitations ( 1,591 ) Settlements with tax authorities — Balance at December 31, 2021 4,797 Additions based on tax positions related to the current year 553 Additions for tax positions of prior years 34 Reductions to tax positions of prior years ( 563 ) Reductions to tax positions resulting from a lapse of the applicable statute of limitations ( 572 ) Settlements with tax authorities — Balance at December 31, 2022 4,249 Additions based on tax positions related to the current year 561 Additions for tax positions of prior years 47 Reductions to tax positions of prior years ( 22 ) Reductions to tax positions resulting from a lapse of the applicable statute of limitations ( 492 ) Settlements with tax authorities — Balance at December 31, 2023 $ 4,343 The Company recognizes interest and penalties related to uncertain tax positions in income tax provision. As of December 31, 2023 and 2022, the Company had approximately $ 0.7 million and $ 0.7 million, respectively, of accrued interest and penalties related to uncertain tax positions. During the years ended December 31, 2023, 2022 and 2021, the Company recognized less than $ 0.1 million, $ 0.1 million and ($ 0.1 ) million, respectively, of expense for an increase in interest and penalties related to uncertain tax positions. The Company files income tax returns in Canada, the U.S., and various foreign jurisdictions. Generally, the Company is no longer subject to U.S. or foreign income tax examinations, including transfer pricing tax audits, by tax authorities for the years before 2013. The Company’s income tax returns may be reviewed by tax authorities in the following countries for the following periods under the appropriate statute of limitations: United States 2019 - Present Canada 2017 - Present United Kingdom 2021 - Present Germany 2017 - Present Czech Republic 2021 - Present China 2013 - Present Japan 2018 - Present

Restructuring and Acquisition R

Restructuring and Acquisition Related Costs	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Acquisition Related Costs	16. Restructuring and Acquisition Related Costs The following table summarizes restructuring and acquisition related costs recorded in the accompanying consolidated statements of operations (in thousands): Year Ended December 31, 2023 2022 2021 2022 restructuring $ 8,961 $ 1,414 $ — 2020 restructuring 2,853 2,994 8,133 2019 restructuring — — 208 Total restructuring related charges $ 11,814 $ 4,408 $ 8,341 Acquisition and related charges $ 1,000 $ ( 24 ) $ 9,679 Total restructuring, acquisition and related costs $ 12,814 $ 4,384 $ 18,020 2022 Restructuring As a result of the Company’s ongoing evaluations and efforts to reduce its operating costs, while improving efficiency and effectiveness, the Company initiated the 2022 restructuring program in the third quarter of 2022. This program was focused on reducing operating complexity in the Company, including reducing infrastructure costs and streamlining the Company’s operating model to better serve its customers. In addition, the program was focused on cost reduction actions to improve gross margins for the overall company. During the year ended December 31, 2023 , the Company recorded $ 9.0 million in severance, facilities related costs, and other costs in connection with the 2022 restructuring program. As of December 31, 2023 , the Company had incurred cumulative costs related to this restructuring program totaling $ 10.4 million. The 2022 restructuring program was completed in the fourth quarter of 2023. The following table summarizes restructuring costs associated with the 2022 restructuring program by reportable segment (in thousands): Year Ended December 31, Cumulative Costs as of 2023 2022 December 31, 2023 Precision Medicine and Manufacturing $ 1,899 $ 1,162 $ 3,061 Medical Solutions 1,188 56 1,244 Robotics and Automation 5,043 196 5,239 Unallocated Corporate and Shared Services 831 — 831 Total $ 8,961 $ 1,414 $ 10,375 2020 Restructuring As a result of the Company’s ongoing evaluations and efforts to reduce its operating costs, while improving efficiency and effectiveness, the Company initiated the 2020 restructuring program in the third quarter of 2020. This program was focused on reducing operating complexity in the Company, including reducing infrastructure costs and streamlining the Company’s operating model to better serve its customers. In addition, the program was focused on cost reduction actions to improve gross margins for the overall company. During the year ended December 31, 2023 , the Company recorded $ 2.9 million in severance, facilities related costs, and other costs in connection with the 2020 restructuring program. As of December 31, 2023 , the Company had recorded an aggregate $ 16.7 million in severance, facilities related costs, and other costs in connection with the 2020 restructuring program. The 2020 restructuring program was completed in the fourth quarter of 2023. The following table summarizes restructuring costs associated with the 2020 restructuring program by reportable segment (in thousands): Year Ended December 31, Cumulative Costs as of 2023 2022 2021 December 31, 2023 Precision Medicine and Manufacturing $ 2,220 $ 2,537 $ 3,085 $ 8,582 Medical Solutions — 217 813 2,360 Robotics and Automation 633 238 4,206 5,601 Unallocated Corporate and Shared Services — 2 29 173 Total $ 2,853 $ 2,994 $ 8,133 $ 16,716 Roll-forward of Accrued Expenses Related to Restructuring The following table summarizes the accrual activities, by component, related to the Company’s restructuring charges recorded in the accompanying consolidated balance sheets (in thousands): Total Employee Related Facility Related Other Balance at December 31, 2021 $ 2,686 $ 2,107 $ 550 $ 29 Restructuring charges 4,408 2,029 1,995 384 Cash payments ( 3,486 ) ( 2,198 ) ( 931 ) ( 357 ) Non-cash write-offs and other adjustments ( 1,198 ) ( 36 ) ( 1,162 ) — Balance at December 31, 2022 2,410 1,902 452 56 Restructuring charges 11,814 5,832 4,452 1,530 Cash payments ( 8,867 ) ( 6,675 ) ( 1,379 ) ( 813 ) Non-cash write-offs and other adjustments (1) ( 2,507 ) ( 21 ) ( 1,845 ) ( 641 ) Balance at December 31, 2023 $ 2,850 $ 1,038 $ 1,680 $ 132 (1) Non-cash write-offs and other adjustments included impairment of assets amounting to $ 2.5 million. Acquisition and Related Charges Acquisition and related costs incurred in connection with business combinations, primarily including finders’ fees, legal, valuation and other professional or consulting fees, totaled $ 1.0 million, $ 1.4 million, and $ 5.9 million during 2023, 2022, and 2021, respectively. The Company incurred legal costs of $ 1.9 million during 2021 related to a dispute involving a company that was acquired in 2019. Acquisition related costs/(income) recognized under earn-out agreements in connection with acquisitions totaled zero , $( 1.4 ) million, and $ 1.9 million during 2023, 2022, and 2021, respectively. The acquisition related costs of $ 1.0 million for 2023 was reported in Unallocated Corporate and Shared Services reportable segment.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies Purchase Commitments As of December 31, 2023 , the Company had purchase commitments primarily for inventory purchases of $ 127.5 million. These purchase commitments are expected to be incurred as follows: $ 119.7 million in 2024, $ 6.9 million in 2025 and $ 0.9 million in 2026. Business Interruption Insurance Recoveries The Company made an insurance claim to recover lost margin and additional costs incurred in connection with a fire at a key supplier that caused business interruption in the second half of 2022. During the year ended December 31, 2023, the Company received insurance recovery payments of $ 5.0 million, which have been recorded as a reduction to cost of revenue. The insurance claim was fully settled on September 29, 2023. Legal Proceedings The Company is subject to various other legal proceedings and claims that arise in the ordinary course of business. The Company reviews the status of each significant matter and assesses the potential financial exposure on a quarterly basis. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. Significant judgment is required in both the determination of probability and the determination as to whether an exposure is reasonably estimable. Because of uncertainties related to these matters, accruals are based only on the best information available as of the date of the consolidated balance sheet. As additional information becomes available, the Company reassesses the potential liability related to any pending claims and litigation and may revise its estimates. The Company does not believe that the outcome of these claims will have a material adverse effect on its consolidated financial statements but there can be no assurance that any such claims, or any similar claims, would not have a material adverse effect on its consolidated financial statements. Guarantees and Indemnifications In the normal course of its operations, the Company executes agreements that provide for indemnification and guarantees to counterparties in transactions such as business dispositions, sale of assets, sale of products and operating leases. Additionally, the by-laws of the Company require it to indemnify certain current or former directors, officers, and employees of the Company against expenses incurred by them in connection with each proceeding in which they are involved as a result of serving or having served in certain capacities. Indemnification is not available with respect to a proceeding as to which it has been adjudicated that the person did not act in good faith in the reasonable belief that the action was in the best interests of the Company. Certain of the Company’s officers and directors are also a party to indemnification agreements with the Company. These indemnification agreements provide, among other things, that the director and officer shall be indemnified to the fullest extent permitted by applicable law against all expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by such officer or director in connection with any proceeding by reason of their relationship with the Company. In addition, the indemnification agreements provide for the advancement of expenses incurred by such director or officer in connection with any proceeding covered by the indemnification agreement, subject to the conditions set forth therein and to the extent such advancement is not prohibited by law. The indemnification agreements also set out the procedures for determining entitlement to indemnification, the requirements relating to notice and defense of claims for which indemnification is sought, the procedures for enforcement of indemnification rights, the limitations on and exclusions from indemnification, and the minimum levels of directors’ and officers’ liability insurance to be maintained by the Company. On July 1, 2013, the Company provided a Guarantee (the “Guarantee”) in favor of the trustees of the U.K. Plan with respect to all present and future obligations and liabilities, whether actual or contingent and whether owed jointly or severally and in any capacity whatsoever, of Novanta Technologies U.K. Limited, a wholly owned subsidiary of Novanta Inc. Credit Risks and Other Uncertainties The Company maintains financial instruments such as cash and cash equivalents and trade receivables. From time to time, certain of these instruments may subject the Company to concentrations of credit risk whereby one institution may hold a significant portion of the cash and cash equivalents, or one customer may represent a large portion of the accounts receivable balances. As of December 31, 2023, one customer represented approximately 10% of the Company's outstanding accounts receivable balance. There was no significant concentration of credit risk related to the Company's position in trade accounts receivable as of December 31, 2022. Credit risk with respect to trade accounts receivable is generally minimized because of the diversification of the Company’s operations, as well as its large customer base and its geographic dispersion. Certain components and materials included in the Company’s products are currently purchased from single source suppliers. There can be no assurance that a disruption of the supply of such components and materials would not create substantial manufacturing delays and additional cost to the Company. The Company’s operations involve a number of other risks and uncertainties including, but not limited to, the effects of general economic conditions, rapidly changing technologies, and international operations.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information	18. Segment Information Reportable Segments The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM utilizes financial information to make decisions about allocating resources and assessing performance for the entire Company. The Company evaluates the performance of, and allocates resources to, its segments based on revenue, gross profit and operating profit. The Company’s reportable segments have been identified based on commonality and adjacency of technologies, applications and customers amongst the Company’s individual product lines. The Company determined that disclosing revenue by specific product was impracticable due to the highly customized and extensive portfolio of technologies offered to customers. Based upon the information provided to the CODM, the Company has determined it operates in three reportable segments: Precision Medicine and Manufacturing, Medical Solutions, and Robotics and Automation. The reportable segments and their principal activities are summarized below: Precision Medicine and Manufacturing The Precision Medicine and Manufacturing segment designs, manufactures and markets photonics-based solutions, including laser scanning, laser beam delivery, CO2 laser, solid state laser, ultrafast laser, and optical light engine products to customers worldwide. The segment serves highly demanding photonics-based applications for advanced industrial processes, metrology, medical and life science imaging, DNA sequencing, and medical laser procedures, particularly ophthalmology applications. The vast majority of the segment’s product offerings are sold to OEM customers. The segment sells these products both directly, utilizing a highly technical sales force, and indirectly, through resellers and distributors. Medical Solutions The Medical Solutions segment designs, manufactures and markets a range of medical grade technologies, including medical insufflators, pumps and related disposables; visualization solutions; wireless technologies, video recorder and video integration technologies for operating room integrations; optical data collection and machine vision technologies; radio frequency identification technologies; thermal chart recorders; spectrometry technologies; and embedded touch screen solutions. The vast majority of the segment’s product offerings are sold to OEM customers. The segment sells these products both directly, utilizing a highly technical sales force, and indirectly, through resellers and distributors. Robotics and Automation The Robotics and Automation segment designs, manufactures and markets optical and inductive encoders, precision motors, servo drives and motion control solutions, integrated stepper motors, intelligent robotic end-of-arm technology solutions, air bearings, and air bearing spindles to customers worldwide. The vast majority of the segment’s product offerings are sold to OEM customers. The segment sells these products both directly, utilizing a highly technical sales force, and indirectly, through resellers and distributors. Reportable Segment Financial Information Revenue, gross profit, operating income (loss), depreciation and amortization expenses, accounts receivable and inventories by reportable segments were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Revenue Precision Medicine and Manufacturing $ 282,971 $ 274,674 $ 232,459 Medical Solutions 325,221 277,992 262,060 Robotics and Automation 273,470 308,237 212,274 Total $ 881,662 $ 860,903 $ 706,793 Year Ended December 31, 2023 2022 2021 Gross Profit Precision Medicine and Manufacturing $ 139,060 $ 129,173 $ 107,993 Medical Solutions 135,640 108,713 100,890 Robotics and Automation 130,885 146,150 99,345 Unallocated Corporate and Shared Services ( 5,688 ) ( 5,564 ) ( 7,900 ) Total $ 399,897 $ 378,472 $ 300,328 Year Ended December 31, 2023 2022 2021 Operating Income (Loss) Precision Medicine and Manufacturing $ 69,283 $ 63,760 $ 46,792 Medical Solutions 41,883 28,244 17,694 Robotics and Automation 48,373 60,294 52,676 Unallocated Corporate and Shared Services ( 49,043 ) ( 49,219 ) ( 53,108 ) Total $ 110,496 $ 103,079 $ 64,054 Year Ended December 31, 2023 2022 2021 Depreciation and Amortization Expenses Precision Medicine and Manufacturing $ 10,285 $ 10,999 $ 11,600 Medical Solutions 15,941 17,402 20,812 Robotics and Automation 19,032 24,358 10,728 Unallocated Corporate and Shared Services 1,354 399 254 Total $ 46,612 $ 53,158 $ 43,394 December 31, 2023 2022 Accounts Receivable Precision Medicine and Manufacturing $ 40,562 $ 42,541 Medical Solutions 60,894 53,610 Robotics and Automation 37,954 41,546 Total accounts receivable $ 139,410 $ 137,697 Inventories Precision Medicine and Manufacturing $ 58,492 $ 58,630 Medical Solutions 38,440 47,511 Robotics and Automation 52,439 61,856 Total inventories $ 149,371 $ 167,997 Total segment assets $ 288,781 $ 305,694 December 31, 2023 2022 Total Assets Total segment assets $ 288,781 $ 305,694 Cash and cash equivalents 105,051 100,105 Prepaid income taxes and income taxes receivable 8,105 1,508 Prepaid expenses and other current assets 13,360 13,212 Property, plant and equipment, net 109,449 103,186 Operating lease assets 38,302 43,317 Deferred tax assets 27,862 15,113 Other assets 5,617 4,414 Intangible assets, net 145,022 175,766 Goodwill 484,507 478,897 Total $ 1,226,056 $ 1,241,212 Geographic Information The Company aggregates geographic revenue based on the customer location where products are shipped. Revenue from these customers is summarized as follows (in thousands, except percentage data): Year Ended December 31, 2023 2022 2021 Revenue % of Total Revenue % of Total Revenue % of Total United States $ 418,265 47.4 % $ 372,345 43.3 % $ 270,833 38.4 % Germany 128,229 14.5 133,728 15.5 101,865 14.4 Rest of Europe 137,027 15.6 137,803 16.0 138,863 19.6 China 73,444 8.3 97,178 11.3 95,045 13.4 Rest of Asia-Pacific 105,350 12.0 101,596 11.8 89,198 12.6 Other 19,347 2.2 18,253 2.1 10,989 1.6 Total $ 881,662 100.0 % $ 860,903 100.0 % $ 706,793 100.0 % Long-lived assets consist of property, plant and equipment, net, and are aggregated based on the location of the assets. A summary of these long-lived assets is as follows (in thousands): December 31, 2023 2022 United States $ 23,899 $ 27,488 Germany 35,318 36,545 U.K. 28,734 18,457 Czech Republic 14,100 13,779 China 7,114 6,518 Rest of World 284 399 Total $ 109,449 $ 103,186 Revenue by End Market The Company primarily operates in two end markets: the medical market and the advanced industrial market. Revenue by end market was approximately as follows: Year Ended December 31, 2023 2022 2021 Medical 54 % 49 % 52 % Advanced Industrial 46 % 51 % 48 % Total 100 % 100 % 100 % The majority of the revenue from the Precision Medicine and Manufacturing and Robotics and Automation segments is generated from sales to customers in the advanced industrial market. The majority of the revenue from the Medical Solutions segment is generated from sales to customers in the medical market. Significant Customers During the year ended December 31, 2023 , an OEM customer primarily from the Medical Solution segment accounted for approximately 10 % of the Company's consolidated revenue. No customer accounted for greater than 10 % of the Company's consolidated revenue during the years ended December 31, 2022 or 2021, respectively.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	19. Subsequent Event On January 2, 2024 , the Company completed the acquisition of Motion Solutions Parent Corp. (“Motion Solutions”), an Irvine, California-based provider of highly engineered integrated solutions, specializing in proprietary precision motion and advanced motion control solutions, for a total purchase price of $ 192.2 million in cash, subject to customary closing and net working capital adjustments. The acquisition was financed with borrowings under the Company's revolving credit facility. Motion Solutions acquisition will be included in the Medical Solutions reportable segment. Information required by ASC 805-10, “Business Combinations,” is not disclosed herein as the Company is in the process of completing its purchase accounting evaluation, including purchase price allocation and other related disclosures.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared by the Company in United States (“U.S.”) dollars and in accordance with accounting principles generally accepted in the U.S., applied on a consistent basis. These consolidated financial statements include the accounts of Novanta Inc. and its subsidiaries. Intercompany accounts and transactions have been eliminated. During the first quarter of 2023, the Company changed the names of its reportable segments from “Photonics” to “Precision Medicine and Manufacturing”, from “Vision” to “Medical Solutions”, and from “Precision Motion” to “Robotics and Automation”, respectively. The segment name changes did not result in any change to the compositions of the Company’s segments and therefore did not result in any change to historical results.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Estimates and assumptions are reviewed on an on-going basis and the effects of revisions are reflected in the period in which such revisions are deemed to be necessary. The Company evaluates its estimates based on historical experience, current conditions, and various other assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from these estimates.
Foreign Currency Translation	Foreign Currency Translation The financial statements of the Company and its subsidiaries outside the U.S. have been translated into U.S. dollars. Assets and liabilities of foreign operations are translated from foreign currencies into U.S. dollars at the exchange rates in effect as of the balance sheet date. Revenue and expenses are translated at the weighted average exchange rates for the period. Accordingly, gains and losses resulting from translating foreign currency financial statements are reported as cumulative translation adjustments, a separate component of other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses from transactions denominated in currencies other than the functional currencies are included in the accompanying consolidated statements of operations.
Cash Equivalents	Cash Equivalents Cash equivalents are highly liquid investments with original maturities of three months or less. These investments are carried at cost, which approximates fair value.
Accounts Receivable and Credit Losses	Accounts Receivable and Credit Losses Accounts receivable are recorded at the invoiced amounts, net of an allowance for doubtful accounts based on the Company’s best estimate of probable credit losses. The Company is exposed to credit losses primarily through sales of its products. The Company assesses each customer’s ability to pay by conducting a credit review which includes consideration of established credit rating or an internal assessment of the customer’s creditworthiness based on an analysis of their payment history when a credit rating is not available. The Company monitors its credit exposure through active review of customer balances. The Company’s expected loss methodology for accounts receivable is developed through consideration of factors including, but not limit to, historical collection experience, current customer credit ratings, current customer financial condition, current and future economic and market condition, and age of the receivables. Charges related to credit losses are included in selling, general and administrative expenses and are recorded in the period that the outstanding receivables are determined to be uncollectible. Account balances are charged off against the allowance for doubtful accounts when the Company believes it is certain that the receivable will not be recovered. For the years ended December 31, 2023, 2022 and 2021, changes in the allowance for doubtful accounts were as follows (in thousands): 2023 2022 2021 Balance at beginning of year $ 995 $ 556 $ 274 Addition to credit loss expense 175 532 121 Credit loss resulting from acquisitions — — 216 Write-offs, net of recoveries of amounts previously reserved ( 612 ) ( 92 ) ( 45 ) Exchange rate changes 13 ( 1 ) ( 10 ) Balance at end of year $ 571 $ 995 $ 556
Inventories	Inventories Inventories, which include materials and conversion costs, are stated at the lower of cost or net realizable value, using the first-in, first-out method. Cost includes the cost of purchased materials, inbound freight charges, customs duties, trade tariffs on imported materials and components, external and internal processing and applicable labor and overhead costs. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, storage, disposal and transportation. The Company periodically reviews inventory for potential excess or obsolescence by comparing on-hand quantities to the forecasted product demand and production requirements or trailing historical usage of each product. The Company records a charge to cost of revenue for the amount required to reduce the carrying value of inventories to their net realizable value.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost, adjusted for any impairment, less accumulated depreciation. The Company uses the straight-line method to calculate the depreciation of its property, plant and equipment over their estimated useful lives. Estimated useful lives range from 10 to 40 years for buildings and building improvements, and 3 to 10 years for machinery and equipment. Leasehold improvements are depreciated over the lesser of their useful lives or the lease terms, including any renewal period options that are reasonably assured of being exercised. Repairs and maintenance costs are expensed as incurred. Certain costs to develop software for internal use are capitalized when the criteria under Accounting Standards Codification (“ASC”) 350-40, “Internal-Use Software,” are met.
Goodwill, Intangible Assets and Long-Lived Assets	Goodwill, Intangible Assets and Long-Lived Assets Goodwill represents the excess of the purchase price over the tangible assets, identifiable intangible assets and assumed liabilities acquired in a business combination. Allocations of the purchase price are based upon a valuation of the fair value of assets acquired and liabilities assumed as of the acquisition date. Goodwill and indefinite-lived intangibles are not amortized but are assessed for impairment at least annually to ensure their current fair values exceed their carrying values. The Company’s most significant intangible assets are customer relationships, patents and developed technologies, trademarks and trade names. The fair values of intangible assets are based on valuations using an income approach, with estimates and assumptions provided by management of the acquired companies and the Company. The process for estimating the fair values of identifiable intangible assets requires the use of significant estimates and assumptions, including revenue growth rates, customer attrition rates, royalty rates, discount rates and projected future cash flows. All definite-lived intangible assets are amortized over the periods in which their economic benefits are expected to be realized. The Company reviews the useful life assumptions, including the classification of certain intangible assets as “indefinite-lived,” on a periodic basis to determine if changes in circumstances warrant revisions to them. Costs associated with patent and intellectual property applications, renewals or extensions are typically expensed as incurred. The Company evaluates its goodwill, intangible assets and other long-lived assets for impairment at the reporting unit level which is at least one level below the reportable segments.
Impairment Charges	Impairment Charges Impairment analyses of goodwill and indefinite-lived intangible assets are conducted in accordance with ASC 350, “Intangibles — Goodwill and Other.” The Company performs its goodwill impairment test annually at a reporting unit level, which is generally at least one level below a reportable segment, as of the beginning of the second quarter or more frequently if indicators are present or changes in circumstances suggest that an impairment may exist. The Company has the option of first performing a qualitative assessment to determine whether it is necessary to perform the quantitative impairment test. In performing the qualitative assessment, the Company reviews factors both specific to the reporting unit and to the Company as a whole, such as financial performance, macroeconomic conditions, industry and market considerations, and the fair value of each reporting unit as of the last valuation date. If the Company elects this option and believes, as a result of the qualitative assessment, that it is more likely than not that the carrying value of the reporting unit exceeds its fair value, the quantitative impairment test is required; otherwise, no further testing is required. Alternatively, the Company may elect to bypass the qualitative assessment and perform the quantitative impairment test instead. This approach requires a comparison of the carrying value of each reporting unit to its estimated fair value. The fair value of a reporting unit is estimated primarily using a discounted cash flow (“DCF”) method. If the carrying value of a reporting unit exceeds its fair value, an impairment charge is recorded for the difference. The Company assesses indefinite-lived intangible assets for impairment on an annual basis as of the beginning of the second quarter, and more frequently if indicators are present, or changes in circumstances suggest, that an impairment may exist. The Company will also reassess the continuing classification of these intangible assets as indefinite-lived when circumstances change such that the useful life may no longer be considered indefinite. The fair values of the Company’s indefinite-lived intangible assets are determined using the relief from royalty method, based on forecasted revenues and estimated royalty rates. If the fair value of an indefinite-lived intangible asset is less than its carrying value, an impairment charge is recorded for the difference between the carrying value and the fair value of the impaired asset. The carrying amounts of definite-lived long-lived assets are reviewed for impairment whenever changes in events or circumstances indicate that their carrying values may not be recoverable. The recoverability of the carrying value is generally determined by comparison of the carrying value of the asset group to its undiscounted future cash flows. When this test indicates a potential for impairment, a fair value assessment is performed. Once an impairment is determined and measured, an impairment charge is recorded for the difference between the carrying value and the fair value of the impaired asset.
Revenue Recognition	Revenue Recognition See Note 3 for the Company’s revenue recognition policy.
Leases	Leases The Company leases certain equipment and facilities. The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets are included in operating lease assets on the consolidated balance sheet. Operating lease liabilities are included in the current portion of operating lease liabilities and operating lease liabilities on the consolidated balance sheet based on the timing of future lease payments. Finance lease assets are included in property, plant and equipment. Finance lease liabilities are included in accrued expenses and other current liabilities and other liabilities on the consolidated balance sheet based on the timing of future lease payments. Leases with an initial term of twelve months or less are not recognized on the balance sheet. The Company recognizes lease expense on a straight-line basis over the lease term. Many of the Company’s lease arrangements include both lease (e.g., fixed payments including rent) and non-lease components (e.g., common-area maintenance or other property management costs). The Company accounts for lease and non-lease components separately. Most leases held by the Company do not provide an implicit rate. The Company uses its incremental borrowing rate for the same jurisdiction and term as the associated lease based on the information available at the lease commencement date to determine the present value of future lease payments. The Company has a centrally managed treasury function; therefore, the Company applies a portfolio approach for determining the incremental borrowing rate based on the applicable lease terms and the current economic environment.
Research and Development and Engineering Costs	Research and Development and Engineering Costs Research and development and engineering (“R&D”) expenses are primarily comprised of employee related expenses and cost of materials for R&D projects. These costs are expensed as incurred.
Share-Based Compensation	Share-Based Compensation The Company records expenses associated with share-based compensation awards to employees and directors based on the fair value of awards as of the grant date. For share-based compensation awards that vest over time based on employment, the associated expenses are recognized in the consolidated statements of operations ratably over the respective vesting periods, net of estimated forfeitures. The Company also grants share-based awards that vest based on specified company performance conditions, market conditions or a hybrid of specified company performance conditions and market conditions. Share-based compensation expenses for awards with specified company performance conditions are recognized ratably over their vesting periods when it is probable that the performance targets are expected to be achieved based on management’s projections. Management’s projections are revised, if necessary, in subsequent periods when underlying factors change the evaluation of the probability of achieving the performance targets as well as the estimated levels of achievement. When the estimated achievement levels are adjusted at a later date, a cumulative adjustment to the share-based compensation expense previously recognized would be recorded in the period such determination is made. Accordingly, share-based compensation expenses for awards with specified company performance conditions may differ significantly from period to period based on changes to both the probability and the level of achievement against the performance targets. Share-based compensation expenses for awards with market conditions are based on the grant-date fair value, determined using the Monte-Carlo valuation model, and are recognized on a straight-line basis from the grant date to the end of the performance period. Compensation expenses for awards with market conditions will not be affected by the number of common shares that will ultimately be issued upon vesting at the end of the performance period. Share-based compensation expenses for awards with a hybrid of specified company performance conditions and market conditions are recognized ratably over their performance period based on the fair value of the PSUs as of the grant date and the number of shares that are deemed probable of vesting at the end of the specified performance period. The probability assessment is performed quarterly and the cumulative effect of a change in the estimated compensation expense, if any, is recognized in the period in which such determination is made. Accordingly, share-based compensation expenses for awards with hybrid conditions may differ significantly from period to period based on changes to both the probability and the level of achievement against the performance targets. The Company also grants stock options to certain members of the executive management team to purchase common shares of the Company at a strike price equal to the closing market price of the common shares on the date of grant. Share-based compensation expenses associated with stock options are based on the grant-date fair value, determined using the Black-Scholes option pricing model, and are recognized on a straight-line basis ratably over the respective vesting period.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred and are included in selling, general and administrative expenses in the consolidated statement of operations. Advertising costs were not material for 2023, 2022 and 2021.
Restructuring, Acquisition and Related Costs	Restructuring, Acquisition and Related Costs The Company accounts for its restructuring activities in accordance with the provisions of ASC 420, “Exit or Disposal Cost Obligations.” The Company makes assumptions related to the amounts of employee severance benefits and related costs, useful lives and residual value of long-lived assets, and discount rates. Estimates and assumptions are based on the best information available at the time the obligation is recognized. These estimates are reviewed and revised as facts and circumstances dictate. Acquisition related costs incurred to effect a business combination, including finders’ fees, legal, valuation and other professional or consulting fees, are expensed as incurred. Acquisition related costs also include expenses recognized under earn-out agreements in connection with acquisitions.
Accounting for Income Taxes	Accounting for Income Taxes The asset and liability method is used to account for income taxes. Under the asset and liability method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. This method also requires the recognition of future tax benefits, such as net operating loss carryforwards, to the extent that it is more likely than not that such benefits will be realized. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the temporary differences are expected to be recovered or settled. A valuation allowance is established to reduce the deferred tax assets if it is more likely than not that some or all of the related tax benefits will not be realized in the future. Valuation allowances are reassessed periodically to determine whether it is more likely than not that the tax benefits will be realized in the future and if any existing valuation allowance should be released. The majority of the Company’s business activities are conducted through its subsidiaries outside of Canada. Earnings from these subsidiaries are generally indefinitely reinvested in the local businesses. Further, local laws and regulations may also restrict certain subsidiaries from paying dividends to their parents. Consequently, the Company generally does not accrue income taxes for the repatriation of such earnings in accordance with ASC 740, “Income Taxes.” To the extent that there are excess accumulated earnings that the Company intends to repatriate from any such subsidiaries, the Company recognizes deferred tax liabilities on such foreign earnings. The Company assesses its income tax positions and records tax benefits for all years subject to examination based on the evaluation of the facts, circumstances, and information available at each reporting date. For those tax positions with a greater than 50 percent likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information, the Company records a tax benefit. For those income tax positions that are not likely to be sustained, no tax benefit is recognized in the consolidated financial statements. The Company recognizes interest and penalties related to uncertain tax positions as part of the provision for income taxes.
Foreign Currency Contracts	Foreign Currency Contracts The Company uses foreign currency contracts as a part of its strategy to limit its exposures to fluctuations in foreign currency exchange rates related to foreign currency denominated monetary assets and liabilities. The time duration of these foreign currency contracts approximates the underlying foreign currency transaction exposures, generally less than three months. These foreign currency contracts are not designated as cash flow, fair value or net investment hedges. Changes in the fair value of these foreign currency contracts are recognized in income before income taxes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The following table provides a brief description of recent Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”): Standard Description Effective Date Effect on the Financial Statements or Other Significant Matters In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response to SEC’s Disclosure Update and Simplification Initiative.” ASU 2023-06 clarifies or improves disclosure and presentation requirements of a variety of topics, which allow users to easily compare entities subject to the SEC’s existing disclosure requirements with those entities that were not previously subject to such requirements and align the requirements in the FASB Accounting Standards Codification with the SEC’s regulations. The effective date for each amendment in ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently evaluating the impact of ASU 2023-06 on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)-Improvements to Reportable Segment Disclosures." ASU 2023-07 clarifies or improves financial reporting by requiring disclosure of incremental segment information. The amendments require disclosure, on an annual and interim basis for all public entities, significant segment expenses included in segment profit or loss, an amount and description of "other segment items" included in segment profit or loss, and an explanation of how reported segment profit or loss is assessed and allocated. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740)-Improvements to Income Tax Disclosures." ASU 2023-09 provides more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statement disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Changes in Allowance for Doubtful Accounts	For the years ended December 31, 2023, 2022 and 2021, changes in the allowance for doubtful accounts were as follows (in thousands): 2023 2022 2021 Balance at beginning of year $ 995 $ 556 $ 274 Addition to credit loss expense 175 532 121 Credit loss resulting from acquisitions — — 216 Write-offs, net of recoveries of amounts previously reserved ( 612 ) ( 92 ) ( 45 ) Exchange rate changes 13 ( 1 ) ( 10 ) Balance at end of year $ 571 $ 995 $ 556

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2023
MPH Medical Devices S.R.O
Summary of Fair Values of Assets Acquired and Liabilities Assumed Purchase Price Allocation	he total purchase price for MPH was allocated as follows (in thousands): Purchase Price Allocation Cash $ 182 Accounts receivable 1,658 Inventories 957 Property, plant and equipment 12,094 Goodwill 9,863 Other assets 163 Total assets acquired 24,917 Accounts payable 562 Deferred tax liabilities 1,124 Other liabilities 664 Total liabilities assumed 2,350 Total assets acquired, net of liabilities assumed 22,567 Less: cash acquired 182 Purchase price, net of cash acquired $ 22,385
ATI Industrial Automation, Inc.
Summary of Fair Values of Assets Acquired and Liabilities Assumed Purchase Price Allocation	The final purchase price for ATI was allocated as follows (in thousands): Purchase Price Allocation Cash $ 10,709 Accounts receivable 12,596 Inventories 18,151 Property, plant and equipment 4,618 Operating lease assets 11,263 Intangible assets 52,800 Goodwill 134,420 Other assets 229 Total assets acquired 244,786 Accounts payable 5,135 Current portion of operating lease liabilities 1,740 Operating lease liabilities 9,525 Other liabilities 4,452 Total liabilities assumed 20,852 Total assets acquired, net of liabilities assumed 223,934 Less: cash acquired 10,709 Add: net working capital adjustment 820 Less: contingent consideration 44,000 Initial purchase price, net of cash acquired $ 170,045
Fair Value of Intangible Assets	The fair value of intangible assets for ATI is comprised of the following (dollar amounts in thousands): Weighted Average Estimated Fair Amortization Value Period Developed technologies $ 19,800 15 years Customer relationships 23,900 15 years Trademarks and trade names 5,600 15 years Backlog 3,500 1 year Total $ 52,800
Schneider Electric Motion USA, Inc.
Summary of Fair Values of Assets Acquired and Liabilities Assumed Purchase Price Allocation	The final purchase price for SEM was allocated as follows (in thousands): Purchase Price Allocation Cash $ 3,881 Accounts receivable 4,240 Inventories 2,499 Property, plant and equipment 452 Intangible assets 54,570 Goodwill 68,291 Other assets 776 Total assets acquired 134,709 Accounts payable 1,325 Deferred tax liabilities 12,400 Other liabilities 2,420 Total liabilities assumed 16,145 Total assets acquired, net of liabilities assumed 118,564 Less: cash acquired 3,881 Total purchase price, net of cash acquired $ 114,683
Fair Value of Intangible Assets	The fair value of intangible assets for SEM is comprised of the following (dollar amounts in thousands): Weighted Average Estimated Fair Amortization Value Period Developed technologies $ 9,110 15 years Customer relationships 41,740 20 years Trademarks and trade names 370 4 years Backlog 3,350 1 year Total $ 54,570

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss were as follows (in thousands): Total Accumulated Other Cumulative Pension Comprehensive Translation Liability Income (Loss) Adjustments Adjustments Balance at December 31, 2020 $ ( 12,241 ) $ ( 2,296 ) $ ( 9,945 ) Other comprehensive income (loss) ( 1,584 ) ( 3,457 ) 1,873 Amounts reclassified from accumulated other comprehensive loss (1) 959 — 959 Balance at December 31, 2021 ( 12,866 ) ( 5,753 ) ( 7,113 ) Other comprehensive income (loss) ( 19,555 ) ( 18,674 ) ( 881 ) Amounts reclassified from accumulated other comprehensive loss (1) 412 — 412 Balance at December 31, 2022 ( 32,009 ) ( 24,427 ) ( 7,582 ) Other comprehensive income (loss) 6,951 7,823 ( 872 ) Amounts reclassified from accumulated other comprehensive loss (1) 1,020 — 1,020 Balance at December 31, 2023 $ ( 24,038 ) $ ( 16,604 ) $ ( 7,434 ) (1) The amounts reclassified from accumulated other comprehensive loss were included in other income (expense) in the consolidated statements of operations.

Goodwill, Intangible Assets a_2

Goodwill, Intangible Assets and Impairment Charges (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Goodwill	The following table summarizes changes in goodwill during the year ended December 31, 2023 (in thousands): Amount Balance at beginning of year $ 478,897 Effect of foreign exchange rate changes 5,610 Balance at end of year $ 484,507
Goodwill by Reportable Segment	Goodwill by reportable segment as of December 31, 2023 was as follows (in thousands): Reportable Segment Precision Medicine and Manufacturing Medical Solutions Robotics and Automation Total Goodwill $ 211,380 $ 169,738 $ 254,618 $ 635,736 Accumulated impairment of goodwill ( 102,461 ) ( 31,722 ) ( 17,046 ) ( 151,229 ) Total $ 108,919 $ 138,016 $ 237,572 $ 484,507 Goodwill by reportable segment as of December 31, 2022 was as follows (in thousands): Reportable Segment Precision Medicine and Manufacturing Medical Solutions Robotics and Automation Total Goodwill $ 208,387 $ 167,891 $ 253,848 $ 630,126 Accumulated impairment of goodwill ( 102,461 ) ( 31,722 ) ( 17,046 ) ( 151,229 ) Total $ 105,926 $ 136,169 $ 236,802 $ 478,897
Intangible Assets	Intangible assets as of December 31, 2023 and 2022, respectively, are summarized as follows (dollar amounts in thousands): December 31, 2023 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Life (Years) Amortizable intangible assets: Patents and developed technologies $ 187,092 $ ( 146,342 ) $ 40,750 9.6 Customer relationships 225,183 ( 142,478 ) 82,705 14.4 Trademarks and trade names 23,628 ( 15,088 ) 8,540 9.5 Amortizable intangible assets 435,903 ( 303,908 ) 131,995 12.6 Non-amortizable intangible assets: Trade names 13,027 — 13,027 Total $ 448,930 $ ( 303,908 ) $ 145,022 December 31, 2022 Gross Carrying Accumulated Net Carrying Weighted Average Remaining Life (Years) Amortizable intangible assets: Patents and developed technologies $ 184,589 $ ( 132,350 ) $ 52,239 10.1 Customer relationships 222,173 ( 121,527 ) 100,646 15.0 Trademarks and trade names 23,311 ( 13,457 ) 9,854 10.0 Amortizable intangible assets 430,073 ( 267,334 ) 162,739 13.2 Non-amortizable intangible assets: Trade names 13,027 — 13,027 Total $ 443,100 $ ( 267,334 ) $ 175,766
Amortization Expense of Intangible Assets	Amortization expense was as follows (in thousands): Year Ended December 31, 2023 2022 2021 Amortization expense – cost of revenue $ 12,150 $ 13,270 $ 13,288 Amortization expense – operating expenses 20,445 26,338 16,577 Total amortization expense $ 32,595 $ 39,608 $ 29,865
Estimated Future Amortization Expense	Estimated future amortization expense for each of the five succeeding years and thereafter is as follows (in thousands): Year Ending December 31, Cost of Operating Total 2024 $ 9,961 $ 17,297 $ 27,258 2025 8,428 14,632 23,060 2026 7,035 12,452 19,487 2027 4,266 10,041 14,307 2028 3,388 8,310 11,698 Thereafter 7,672 28,513 36,185 Total $ 40,750 $ 91,245 $ 131,995

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table summarizes the fair values of the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 (in thousands): Fair Value Quoted Price in Significant Other Significant Other Assets Cash equivalents $ 1,392 $ 1,392 $ — $ — Prepaid expenses and other current assets: Foreign currency forward contracts 379 — 379 — $ 1,771 $ 1,392 $ 379 $ — Liabilities Accrued expenses and other current liabilities: Contingent considerations - Current $ 48 $ — $ — $ 48 Foreign currency forward contracts 312 — 312 — Other liabilities: Contingent considerations - Long-term 311 — — 311 $ 671 $ — $ 312 $ 359 The following table summarizes the fair values of the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 (in thousands): Fair Value Quoted Price in Significant Other Significant Other Assets Cash equivalents $ 1,369 $ 1,369 $ — $ — Prepaid expenses and other current assets: Foreign currency forward contracts 391 — 391 — $ 1,760 $ 1,369 $ 391 $ — Liabilities Accrued expenses and other current liabilities: Contingent considerations - Current $ 124 $ — $ — $ 124 Foreign currency forward contracts 412 — 412 — Other liabilities: Contingent considerations - Long-term 301 — — 301 $ 837 $ — $ 412 $ 425
Changes in Fair Value of Level 3 Contingent Considerations	Changes in the fair value of Level 3 contingent considerations for the year ended December 31, 2023 were as follows (in thousands): Contingent Considerations Balance at December 31, 2022 $ 425 Payments ( 81 ) Effect of foreign exchange rates 15 Balance at December 31, 2023 $ 359

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Common Share	The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except per share amounts): Year Ended December 31, 2023 2022 2021 Numerators: Net income $ 72,878 $ 74,051 $ 50,331 Denominators: Weighted average common shares outstanding— basic 35,844 35,652 35,396 Dilutive potential common shares 187 257 385 Weighted average common shares outstanding— diluted 36,031 35,909 35,781 Antidilutive potential common shares excluded from above 99 91 13 Earnings per Common Share: Basic $ 2.03 $ 2.08 $ 1.42 Diluted $ 2.02 $ 2.06 $ 1.41

Supplementary Balance Sheet I_2

Supplementary Balance Sheet Information (Tables)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventories	Inventories December 31, 2023 2022 Raw materials $ 104,643 $ 118,292 Work-in-process 21,010 23,328 Finished goods 23,311 25,738 Demo and consigned inventory 407 639 Total inventories $ 149,371 $ 167,997
Property, Plant and Equipment, Net	Property, Plant and Equipment, Net December 31, 2023 2022 Cost: Land, buildings and improvements $ 95,020 $ 86,026 Machinery and equipment 117,487 110,212 Total cost 212,507 196,238 Accumulated depreciation ( 103,058 ) ( 93,052 ) Property, plant and equipment, net $ 109,449 $ 103,186
Summary of Depreciation Expense on Property, Plant and Equipment, Including Demo Units and Assets under Finance Leases	The following table summarizes depreciation expense on property, plant and equipment, including demo units and assets under finance leases (in thousands): Year Ended December 31, 2023 2022 2021 Depreciation expense $ 14,017 $ 13,550 $ 13,529
Accrued Expenses and Other Current Liabilities	The following table summarizes accrued expenses and other current liabilities as of the dates indicated (in thousands): December 31, 2023 2022 Accrued compensation and benefits $ 32,703 $ 35,501 Finance lease obligations 718 668 Contract liabilities, current portion 5,553 8,128 Accrued warranty 5,292 5,127 Other 16,790 13,620 Total $ 61,056 $ 63,044
Accrued Warranty	The following table summarizes changes in accrued warranty for the periods indicated (in thousands): Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 5,127 $ 4,783 $ 4,919 Provision charged to cost of revenue 2,445 3,071 1,410 Warranty liabilities acquired from acquisitions — — 874 Use of provision ( 2,338 ) ( 2,615 ) ( 2,326 ) Foreign currency exchange rate changes 58 ( 112 ) ( 94 ) Balance at end of year $ 5,292 $ 5,127 $ 4,783
Other Long Term Liabilities	The following table summarizes other long-term liabilities as of the dates indicated (in thousands): December 31, 2023 2022 Finance lease obligations $ 3,934 $ 4,652 Accrued contingent considerations and earn-outs 311 301 Other 1,687 1,132 Total $ 5,932 $ 6,085

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt consisted of the following (in thousands): December 31, 2023 2022 Senior Credit Facilities – term loan $ 4,994 $ 4,832 Less: unamortized debt issuance costs ( 26 ) ( 32 ) Total current portion of long-term debt 4,968 4,800 Senior Credit Facilities – term loan 74,655 77,060 Senior Credit Facilities – revolving credit facility 278,404 358,413 Less: unamortized debt issuance costs ( 3,655 ) ( 4,811 ) Total long-term debt 349,404 430,662 Total Senior Credit Facilities $ 354,372 $ 435,462
Repayments of Outstanding Principal under Term Loan Facility	As of December 31, 2023, the outstanding principal under the Company’s term loan facility is scheduled to be repaid as follows (in thousands): Principal Amount 2024 $ 4,994 2025 4,994 2026 4,994 2027 64,667 Total debt repayments $ 79,649

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Summary of Components of Lease Costs	The following table summarizes the components of lease costs included in the statements of operations for the periods indicated (in thousands): Year Ended December 31, 2023 2022 2021 Operating lease cost $ 10,475 $ 10,387 $ 8,533 Finance lease cost Amortization of right-of-use assets 602 602 602 Interest on lease liabilities 274 308 340 Variable lease cost 1,007 1,145 1,074 Total lease cost $ 12,358 $ 12,442 $ 10,549
Summary of Balance Sheet Information Related to Leases	The following table provides the details of balance sheet information related to leases as of the dates indicated (in thousands, except lease term and discount rate): December 31, 2023 2022 Operating leases: Operating lease right-of-use assets $ 38,302 $ 43,317 Current portion of operating lease liabilities $ 8,189 $ 7,793 Operating lease liabilities 37,345 40,808 Total operating lease liabilities $ 45,534 $ 48,601 Finance leases: Property, plant and equipment, gross $ 9,582 $ 9,582 Accumulated depreciation ( 6,272 ) ( 5,670 ) Finance lease assets included in property, plant and equipment, net $ 3,310 $ 3,912 Accrued expenses and other current liabilities $ 718 $ 668 Other liabilities 3,934 4,652 Total finance lease liabilities $ 4,652 $ 5,320 Weighted-average remaining lease term (in years): Operating leases 7.6 8.2 Finance leases 5.5 6.5 Weighted-average discount rate: Operating leases 4.84 % 4.64 % Finance leases 5.54 % 5.54 %
Summary of Cash Flow Information Related to Leases	The following table provides the details of cash flow information related to leases for the periods indicated (in thousands): Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in lease liabilities: Operating cash flows from finance leases $ 274 $ 308 $ 340 Operating cash flows from operating leases $ 7,826 $ 7,876 $ 7,818 Financing cash flows from finance leases $ 657 $ 599 $ 9,310 Supplemental non-cash information: Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,046 $ 4,757 $ 22,574 Right-of-use assets obtained in exchange for new finance lease liabilities $ - $ - $ -
Future Minimum Lease Payments Under Operating and Finance Leases	Future minimum lease payments under operating and finance leases expiring subsequent to December 31, 2023, including operating leases associated with facilities that have been vacated as a result of the Company’s restructuring actions, are summarized as follows (in thousands): Year Ending December 31, Operating Leases Finance Leases 2024 $ 9,671 $ 954 2025 9,647 954 2026 8,105 979 2027 7,135 1,003 2028 4,530 1,003 Thereafter 16,783 501 Total minimum lease payments 55,871 5,394 Less: interest ( 10,337 ) ( 742 ) Present value of lease liabilities $ 45,534 $ 4,652

Stockholders_ Equity and Shar_2

Stockholders’ Equity and Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock Options Outstanding and Exercisable	The following table shows stock options that were outstanding and exercisable as of December 31, 2023 and the related weighted average exercise price, weighted average remaining contractual term and aggregate intrinsic value: Stock Options Weighted Weighted Aggregate Intrinsic Value (1) (In thousands) Outstanding as of December 31, 2022 84 $ 72.18 Granted 48 $ 156.72 Exercised — $ — Forfeited or expired — $ — Outstanding as of December 31, 2023 132 $ 102.86 4.55 years $ 8,636 Exercisable as of December 31, 2023 57 $ 42.49 2.92 years $ 7,209 Expected to vest as of December 31, 2023 75 $ 149.25 5.80 years $ 1,428 (1) The aggregate intrinsic value is calculated as the difference between the closing market price of $ 168.41 per common share as of December 31, 2023 and the exercise price of the stock options.
Schedule of Share Based Payment Award Stock Options Valuation Assumptions	The aggregate Black-Scholes fair value of $ 3.0 million for the stock options granted during 2023 was estimated using the following assumptions as of the grant date: Year Ended December 31, 2023 Expected option term in years 4.5 Expected volatility 40.7 % Risk-free interest rate 4.00 % Expected annual dividend yield —
Amended and Restated 2010 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Expense Recorded In Operating Income	The table below summarizes share-based compensation expense recorded in operating income (in thousands): Year Ended December 31, 2023 2022 2021 Selling, general and administrative $ 21,963 $ 18,182 $ 17,255 Research and development and engineering 2,031 2,414 2,294 Cost of revenue 1,594 2,512 3,008 Restructuring and acquisition related costs — — 3,049 Total share-based compensation expense $ 25,588 $ 23,108 $ 25,606
Restricted Stock Units and Deferred Stock Units Issued and Outstanding	The table below summarizes activities during 2023 relating to restricted and deferred stock units issued and outstanding under the Amended and Restated 2010 Incentive Plan: Restricted and Deferred Weighted Weighted Average Aggregate Intrinsic (1) Unvested at December 31, 2022 238 $ 128.26 Granted 102 $ 156.43 Vested ( 109 ) $ 122.72 Forfeited ( 25 ) $ 139.97 Unvested at December 31, 2023 206 $ 143.97 1.01 years $ 34,714 Expected to vest as of December 31, 2023 190 $ 143.47 1.01 years $ 31,919 The aggregate intrinsic value is calculated based on the fair value of $ 168.41 per common share as of December 31, 2023 due to the fact that the restricted and deferred stock units carry a $ 0 purchase price.
Performance-Based Restricted Stock Units Issued and Outstanding	The table below summarizes activities during 2023 relating to performance-based restricted stock units issued and outstanding under the Company’s Amended and Restated 2010 Incentive Plan: Performance (2) Weighted Weighted Average Aggregate (3) Unvested at December 31, 2022 216 $ 144.16 Granted 57 $ 179.15 Performance adjustments (1) 20 $ 122.24 Vested ( 70 ) $ 116.56 Forfeited ( 18 ) $ 169.63 Unvested at December 31, 2023 205 $ 160.24 1.45 years $ 34,541 Expected to vest as of December 31, 2023 236 $ 161.43 1.45 years $ 39,690 (1) The amount shown represents performance adjustments related to the performance-based awards granted on February 20, 2020. These performance-based awards vested at a blended payout of 142 % during the year ended December 31, 2023 based on the achievement of cumulative Non-GAAP EPS and applicable relative TSR performance conditions, respectively, over the performance period of fiscal years 2020 through 2022. (2) The unvested PSUs are shown in this table at target. The number of shares vested reflects the number of shares earned and issued during the year. As of December 31, 2023 , the maximum number of PSUs available to be earned was approximately 367 thousand. (3) The aggregate intrinsic value is calculated based on the fair value of $ 168.41 per common share as of December 31, 2023 due to the fact that the performance stock units carry a $ 0 purchase price.
Schedule of Share Based Payment Award Performance Stock Awards Valuation Assumptions	The grant-date fair value of the hybrid PSUs granted during the year ended December 31, 2023 was estimated using the Monte-Carlo valuation model with the following assumptions: Year Ended December 31, 2023 Grant-date stock price $ 156.72 Expected volatility 35.89 % Risk-free interest rate 4.44 % Expected annual dividend yield — Weighted average fair value $ 181.45

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Net Periodic Pension Cost	The net periodic pension cost is included in other income (expense) in the consolidated statements of operations and consisted of the following components (in thousands): Year Ended December 31, 2023 2022 2021 Components of the net periodic pension cost: Interest cost $ 1,185 $ 669 $ 554 Expected return on plan assets ( 1,440 ) ( 1,286 ) ( 1,120 ) Amortization of actuarial losses 990 380 928 Amortization of prior service cost 30 32 31 Net periodic pension cost $ 765 $ ( 205 ) $ 393
Actuarial Assumptions used to Compute net Periodic Pension Cost and Funded Status	The actuarial assumptions used to compute the net periodic pension cost for the years ended December 31, 2023, 2022 and 2021, respectively, were as follows: Year Ended December 31, 2023 2022 2021 Weighted-average discount rate 4.8 % 1.8 % 1.2 % Weighted-average long-term rate of return on plan assets 5.3 % 3.2 % 2.5 % The actuarial assumptions used to compute the benefit obligations as of December 31, 2023 and 2022, respectively, were as follows: December 31, 2023 2022 Weighted-average discount rate 4.5 % 4.8 % Rate of inflation 2.8 % 2.7 %
Reconciliation of Benefit Obligations and Plan Assets of U.K. Plan	The following table provides a reconciliation of benefit obligations and plan assets of the U.K. Plan (in thousands): December 31, 2023 2022 Change in benefit obligation: Projected benefit obligation at beginning of year $ 24,597 $ 41,398 Interest cost 1,185 669 Actuarial (gains) losses (1) 445 ( 12,135 ) Benefits paid ( 1,257 ) ( 1,191 ) Prior service cost — — Foreign currency exchange rate changes 1,289 ( 4,144 ) Projected benefit obligation at end of year $ 26,259 $ 24,597 Accumulated benefit obligation at end of year $ 26,259 $ 24,597 Change in plan assets: Fair value of plan assets at beginning of year $ 26,609 $ 44,187 Actual return on plan assets 1,575 ( 12,927 ) Employer contributions 1,007 971 Benefits paid ( 1,257 ) ( 1,191 ) Foreign currency exchange rate changes 1,417 ( 4,431 ) Fair value of plan assets at end of year $ 29,351 $ 26,609 Funded status at end of year $ 3,092 $ 2,012 Amounts included in accumulated other comprehensive loss not yet recognized in net periodic pension cost: Net actuarial losses at beginning of year $ ( 8,076 ) $ ( 7,206 ) Net actuarial gains (losses) during the year ( 310 ) ( 2,078 ) Prior service cost arising during the year - - Amounts reclassified from accumulated other comprehensive loss to income before income taxes 1,020 412 Foreign currency exchange rate changes ( 406 ) 796 Net actuarial losses $ ( 7,772 ) $ ( 8,076 ) (1) Actuarial (gains)/losses in the U.K. Plan for the years ended December 31, 2023 and 2022 , respectively, primarily resulted from changes in the discount rate assumptions.
Expected Future Benefit Payments for Each of Next Five Years	The following table reflects the total expected benefit payments to plan participants for each of the next five years and the following five years in aggregate and have been estimated based on the same assumptions used to measure the Company’s benefit obligations as of December 31, 2023 (in thousands): Amount 2024 $ 1,363 2025 1,365 2026 1,568 2027 1,661 2028 1,723 2029-2033 9,436 Total $ 17,116
Summary of Fair Value of Plan Assets by Asset Category	The following table summarizes the fair values of Plan assets by asset category as of December 31, 2023 (in thousands): Asset Category Fair Value Quoted Prices in Active Markets Significant Other Observable Significant Other Unobservable Not Mutual Funds: Balanced (1) $ 18,978 $ — $ — $ — $ 18,978 Fixed income (2) 10,129 — — — 10,129 Cash 244 244 — — — Total $ 29,351 $ 244 $ — $ — $ 29,107 (1) This class comprises a diversified portfolio of global investments which seeks growth from equities and credit assets. It is allocated on a weighted average basis as follows: equities ( 11 %), bonds ( 64 %) and other assets ( 25 %). (2) This class comprises a diversified portfolio of global investments which seeks fixed income growth and is allocated on a weighted average basis as follows: bonds ( 95 %) and other assets ( 5 %). The following table summarizes the fair values of Plan assets by asset category as of December 31, 2022 (in thousands): Asset Category Fair Value Quoted Prices in Active Markets Significant Other Observable Significant Other Unobservable Not Mutual Funds: Balanced (1) $ 17,025 $ — $ — $ — $ 17,025 Fixed income (2) 9,355 — — — 9,355 Cash 229 229 — — — Total $ 26,609 $ 229 $ — $ — $ 26,380 (1) This class comprises a diversified portfolio of global investments which is allocated on a weighted average basis as follows: equities ( 12 %), bonds ( 67 %), other assets ( 20 %) and cash ( 1 %). (2) This class comprises a diversified portfolio of global investments which seeks fixed income growth and is allocated on a weighted average basis as follows: bonds ( 78 %), other assets ( 13 %) and cash ( 9 %).

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Components of Income (Loss) Before Income Tax	Components of the Company’s income (loss) before income taxes are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Income (loss) before income taxes: Canada $ ( 6,490 ) $ ( 4,946 ) $ ( 1,371 ) U.S. 38,992 28,365 19,168 Other 51,246 63,740 38,375 Total $ 83,748 $ 87,159 $ 56,172
Components of Income Tax Provision (Benefit)	Components of the Company’s income tax provision (benefit) are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current Canada $ 59 $ 65 $ 95 U.S. 14,424 17,205 205 Other 11,113 14,492 9,486 25,596 31,762 9,786 Deferred Canada — — 493 U.S. ( 12,224 ) ( 15,370 ) ( 2,133 ) Other ( 2,502 ) ( 3,284 ) ( 2,305 ) ( 14,726 ) ( 18,654 ) ( 3,945 ) Total $ 10,870 $ 13,108 $ 5,841
Reconciliation of Statutory Canadian Tax rate to Effective Tax Rate	The reconciliation of the statutory Canadian tax rate to the effective tax rate related to income before income taxes is as follows (in thousands, except percentage data): Year Ended December 31, 2023 2022 2021 Statutory Canadian tax rate 29.00 % 29.00 % 29.00 % Expected income tax provision at Canadian statutory tax rate $ 24,287 $ 25,276 $ 16,291 International tax rate differences ( 4,804 ) ( 6,289 ) ( 3,621 ) U.S. state income taxes, net 860 3 ( 249 ) Withholding and other taxes 300 789 429 Transaction costs and permanent differences 423 140 1,169 Disallowed compensation 2,571 2,138 1,111 Foreign-derived intangible income ( 4,500 ) ( 4,467 ) ( 1,211 ) Tax credits ( 3,602 ) ( 2,256 ) ( 1,408 ) Statutory tax rate changes 165 — 489 Uncertain tax positions 90 ( 168 ) ( 472 ) Change in valuation allowance 2,068 2,048 918 Acquisition contingent consideration adjustments — ( 698 ) 87 Provision to return differences ( 1,056 ) ( 19 ) 33 Windfall benefit from share-based compensation ( 1,685 ) ( 254 ) ( 5,131 ) U.K. patent box ( 4,247 ) ( 3,135 ) ( 2,594 ) Reported income tax provision $ 10,870 $ 13,108 $ 5,841 Effective tax rate 13.0 % 15.0 % 10.4 %
Significant Components of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 are as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Losses $ 11,274 $ 9,954 Operating lease liabilities 10,194 11,117 Compensation related deductions 8,457 9,010 Inventories 12,497 9,368 Tax credits 3,222 2,624 Capitalized R&D 25,238 13,623 Warranty 964 836 Other 724 284 Total deferred tax assets 72,570 56,816 Valuation allowance on deferred tax assets ( 16,674 ) ( 14,568 ) Net deferred tax assets $ 55,896 $ 42,248 Deferred tax liabilities: Depreciation $ ( 5,389 ) $ ( 4,049 ) Amortization ( 24,436 ) ( 26,746 ) Operating lease right-of-use assets ( 9,198 ) ( 10,477 ) Deferred revenue ( 5,316 ) $ ( 3,057 ) Total deferred tax liabilities $ ( 44,339 ) $ ( 44,329 ) Net deferred tax assets (liabilities) $ 11,557 $ ( 2,081 )
Reconciliation of Total Amounts of Unrecognized Tax Benefits	The reconciliation of the total amounts of unrecognized tax benefits is as follows (in thousands): Balance at December 31, 2020 $ 5,258 Additions based on tax positions related to the current year 1,162 Additions for tax positions of prior years 9 Reductions to tax positions of prior years ( 41 ) Reductions to tax positions resulting from a lapse of the applicable statute of limitations ( 1,591 ) Settlements with tax authorities — Balance at December 31, 2021 4,797 Additions based on tax positions related to the current year 553 Additions for tax positions of prior years 34 Reductions to tax positions of prior years ( 563 ) Reductions to tax positions resulting from a lapse of the applicable statute of limitations ( 572 ) Settlements with tax authorities — Balance at December 31, 2022 4,249 Additions based on tax positions related to the current year 561 Additions for tax positions of prior years 47 Reductions to tax positions of prior years ( 22 ) Reductions to tax positions resulting from a lapse of the applicable statute of limitations ( 492 ) Settlements with tax authorities — Balance at December 31, 2023 $ 4,343
Income Tax Returns to be Reviewed	The Company’s income tax returns may be reviewed by tax authorities in the following countries for the following periods under the appropriate statute of limitations: United States 2019 - Present Canada 2017 - Present United Kingdom 2021 - Present Germany 2017 - Present Czech Republic 2021 - Present China 2013 - Present Japan 2018 - Present

Restructuring and Acquisition_2

Restructuring and Acquisition Related Costs (Tables)	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Acquisition Related Costs	The following table summarizes restructuring and acquisition related costs recorded in the accompanying consolidated statements of operations (in thousands): Year Ended December 31, 2023 2022 2021 2022 restructuring $ 8,961 $ 1,414 $ — 2020 restructuring 2,853 2,994 8,133 2019 restructuring — — 208 Total restructuring related charges $ 11,814 $ 4,408 $ 8,341 Acquisition and related charges $ 1,000 $ ( 24 ) $ 9,679 Total restructuring, acquisition and related costs $ 12,814 $ 4,384 $ 18,020
Summary of Restructuring Charges by Reportable Segment	The following table summarizes restructuring costs associated with the 2022 restructuring program by reportable segment (in thousands): Year Ended December 31, Cumulative Costs as of 2023 2022 December 31, 2023 Precision Medicine and Manufacturing $ 1,899 $ 1,162 $ 3,061 Medical Solutions 1,188 56 1,244 Robotics and Automation 5,043 196 5,239 Unallocated Corporate and Shared Services 831 — 831 Total $ 8,961 $ 1,414 $ 10,375 The following table summarizes restructuring costs associated with the 2020 restructuring program by reportable segment (in thousands): Year Ended December 31, Cumulative Costs as of 2023 2022 2021 December 31, 2023 Precision Medicine and Manufacturing $ 2,220 $ 2,537 $ 3,085 $ 8,582 Medical Solutions — 217 813 2,360 Robotics and Automation 633 238 4,206 5,601 Unallocated Corporate and Shared Services — 2 29 173 Total $ 2,853 $ 2,994 $ 8,133 $ 16,716
Summary of Accrual Activities by Components Related to Company's Restructuring Charges	The following table summarizes the accrual activities, by component, related to the Company’s restructuring charges recorded in the accompanying consolidated balance sheets (in thousands): Total Employee Related Facility Related Other Balance at December 31, 2021 $ 2,686 $ 2,107 $ 550 $ 29 Restructuring charges 4,408 2,029 1,995 384 Cash payments ( 3,486 ) ( 2,198 ) ( 931 ) ( 357 ) Non-cash write-offs and other adjustments ( 1,198 ) ( 36 ) ( 1,162 ) — Balance at December 31, 2022 2,410 1,902 452 56 Restructuring charges 11,814 5,832 4,452 1,530 Cash payments ( 8,867 ) ( 6,675 ) ( 1,379 ) ( 813 ) Non-cash write-offs and other adjustments (1) ( 2,507 ) ( 21 ) ( 1,845 ) ( 641 ) Balance at December 31, 2023 $ 2,850 $ 1,038 $ 1,680 $ 132 (1) Non-cash write-offs and other adjustments included impairment of assets amounting to $ 2.5 million.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Revenue, Gross Profit, Operating Income (Loss), Depreciation and Amortization Expenses, Accounts Receivable and Inventory by Reportable Segments	Revenue, gross profit, operating income (loss), depreciation and amortization expenses, accounts receivable and inventories by reportable segments were as follows (in thousands): Year Ended December 31, 2023 2022 2021 Revenue Precision Medicine and Manufacturing $ 282,971 $ 274,674 $ 232,459 Medical Solutions 325,221 277,992 262,060 Robotics and Automation 273,470 308,237 212,274 Total $ 881,662 $ 860,903 $ 706,793 Year Ended December 31, 2023 2022 2021 Gross Profit Precision Medicine and Manufacturing $ 139,060 $ 129,173 $ 107,993 Medical Solutions 135,640 108,713 100,890 Robotics and Automation 130,885 146,150 99,345 Unallocated Corporate and Shared Services ( 5,688 ) ( 5,564 ) ( 7,900 ) Total $ 399,897 $ 378,472 $ 300,328 Year Ended December 31, 2023 2022 2021 Operating Income (Loss) Precision Medicine and Manufacturing $ 69,283 $ 63,760 $ 46,792 Medical Solutions 41,883 28,244 17,694 Robotics and Automation 48,373 60,294 52,676 Unallocated Corporate and Shared Services ( 49,043 ) ( 49,219 ) ( 53,108 ) Total $ 110,496 $ 103,079 $ 64,054 Year Ended December 31, 2023 2022 2021 Depreciation and Amortization Expenses Precision Medicine and Manufacturing $ 10,285 $ 10,999 $ 11,600 Medical Solutions 15,941 17,402 20,812 Robotics and Automation 19,032 24,358 10,728 Unallocated Corporate and Shared Services 1,354 399 254 Total $ 46,612 $ 53,158 $ 43,394 December 31, 2023 2022 Accounts Receivable Precision Medicine and Manufacturing $ 40,562 $ 42,541 Medical Solutions 60,894 53,610 Robotics and Automation 37,954 41,546 Total accounts receivable $ 139,410 $ 137,697 Inventories Precision Medicine and Manufacturing $ 58,492 $ 58,630 Medical Solutions 38,440 47,511 Robotics and Automation 52,439 61,856 Total inventories $ 149,371 $ 167,997 Total segment assets $ 288,781 $ 305,694 December 31, 2023 2022 Total Assets Total segment assets $ 288,781 $ 305,694 Cash and cash equivalents 105,051 100,105 Prepaid income taxes and income taxes receivable 8,105 1,508 Prepaid expenses and other current assets 13,360 13,212 Property, plant and equipment, net 109,449 103,186 Operating lease assets 38,302 43,317 Deferred tax assets 27,862 15,113 Other assets 5,617 4,414 Intangible assets, net 145,022 175,766 Goodwill 484,507 478,897 Total $ 1,226,056 $ 1,241,212
Schedule of Geographic Revenue	The Company aggregates geographic revenue based on the customer location where products are shipped. Revenue from these customers is summarized as follows (in thousands, except percentage data): Year Ended December 31, 2023 2022 2021 Revenue % of Total Revenue % of Total Revenue % of Total United States $ 418,265 47.4 % $ 372,345 43.3 % $ 270,833 38.4 % Germany 128,229 14.5 133,728 15.5 101,865 14.4 Rest of Europe 137,027 15.6 137,803 16.0 138,863 19.6 China 73,444 8.3 97,178 11.3 95,045 13.4 Rest of Asia-Pacific 105,350 12.0 101,596 11.8 89,198 12.6 Other 19,347 2.2 18,253 2.1 10,989 1.6 Total $ 881,662 100.0 % $ 860,903 100.0 % $ 706,793 100.0 %
Summary of Long-lived Assets	Long-lived assets consist of property, plant and equipment, net, and are aggregated based on the location of the assets. A summary of these long-lived assets is as follows (in thousands): December 31, 2023 2022 United States $ 23,899 $ 27,488 Germany 35,318 36,545 U.K. 28,734 18,457 Czech Republic 14,100 13,779 China 7,114 6,518 Rest of World 284 399 Total $ 109,449 $ 103,186
Revenue By End Market	The Company primarily operates in two end markets: the medical market and the advanced industrial market. Revenue by end market was approximately as follows: Year Ended December 31, 2023 2022 2021 Medical 54 % 49 % 52 % Advanced Industrial 46 % 51 % 48 % Total 100 % 100 % 100 %

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023
Maximum
Significant Accounting Policies [Line Items]
Cash equivalents original maturity period	3 months
Maximum | Buildings and improvements
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful lives	40 years
Maximum | Machinery and Equipment
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful lives	10 years
Minimum | Buildings and improvements
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful lives	10 years
Minimum | Machinery and Equipment
Significant Accounting Policies [Line Items]
Property, plant and equipment, estimated useful lives	3 years

Changes in Allowance for Doubtf

Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 995	$ 556	$ 274
Addition to credit loss expense	175	532	121
Credit loss resulting from acquisitions			216
Write-offs, net of recoveries of amounts previously reserved	(612)	(92)	(45)
Exchange rate changes	13	(1)	(10)
Balance at end of year	$ 571	$ 995	$ 556

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue [Line Items]
Incremental direct costs of obtaining a contract, practical expedient	true
Effects of a financing component, practical expedient	true
Remaining performance obligation for contracts, optional exemption	true
Adoption of Topic 606
Revenue [Line Items]
Contract liabilities	$ 5.8	$ 8.4
Revenue recognized	$ 6.3
Warranties
Revenue [Line Items]
Standard product warranty description	The Company generally provides warranties for its products. The standard warranty period is typically 12 months to 36 months. The standard warranty period for product sales is accounted for under the provisions of ASC 450, “Contingencies,” as the Company has the ability to ascertain the likelihood of the liability and can reasonably estimate the amount of the liability.
Minimum | Warranties
Revenue [Line Items]
Standard warranty period on products	12 months
Maximum | Warranties
Revenue [Line Items]
Standard warranty period on products	36 months
Maximum | Professional Services
Revenue [Line Items]
Percentage of revenue for professional services	3%
Duration of professional services performed under customer contract	1 month

Business Combinations - 2022 Ac

Business Combinations - 2022 Acquisitions - Additional Information (Details) $ in Thousands, € in Millions			12 Months Ended
	Aug. 11, 2022 USD ($)	Aug. 11, 2022 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill			$ 478,897	$ 484,507
MPH Medical Devices S.R.O
Business Acquisition [Line Items]
Percentage of shares acquired	100%
Total purchase price, net of cash acquired	$ 22,400	€ 21.8
Purchase price	$ 22,567
Business acquisition, date of acquisition	Aug. 11, 2022	Aug. 11, 2022
Goodwill	$ 9,863
Revenues			5,200
Income (loss) before income taxes			$ 400

Business Combinations - 2021 Ac

Business Combinations - 2021 Acquisitions - Additional Information (Details) - USD ($)			4 Months Ended	12 Months Ended
	Aug. 31, 2021	Aug. 30, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Business Acquisition [Line Items]
Purchase price				$ 21,565,000	$ 284,728,000
Contingent consideration adjustments				(1,443,000)	$ (99,000)
Goodwill				$ 478,897,000		$ 484,507,000
ATI Industrial Automation, Inc.
Business Acquisition [Line Items]
Percentage of shares acquired		100%
Total purchase price, net of cash acquired		$ 213,200,000
Purchase price		$ 169,200,000
Business acquisition, date of acquisition		Aug. 30, 2021
Fair value of contingent consideration	$ 44,000,000	$ 44,000,000
Intangible assets		52,800,000
Goodwill		134,420,000
Goodwill assets expected to be deductible for income tax purposes		$ 134,400,000
Revenues			$ 34,000,000
Income (loss) before income taxes			3,400,000
Amortization of inventory fair value adjustments and purchased intangible assets			3,500,000
Schneider Electric Motion USA, Inc.
Business Acquisition [Line Items]
Percentage of shares acquired	100%
Purchase price	$ 114,700,000
Business acquisition, date of acquisition	Aug. 31, 2021
Intangible assets	$ 54,570,000
Goodwill	68,291,000
Goodwill assets expected to be deductible for income tax purposes	$ 0
Revenues			9,100,000
Income (loss) before income taxes			300,000
Amortization of inventory fair value adjustments and purchased intangible assets			$ 1,800,000

Business Combinations - Acquisi

Business Combinations - Acquisition Costs - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Recognized acquisition costs	$ 1,000,000	$ (24,000)	$ 9,679,000
Current Year Closed Acquisition
Business Acquisition [Line Items]
Recognized acquisition costs	$ 0	$ 1,000,000	$ 5,000,000

Business Combinations - Summary

Business Combinations - Summary of Fair Values of Assets Acquired and Liabilities Assumed Purchase Price Allocation (Details) - USD ($) $ in Thousands	Aug. 11, 2022	Aug. 31, 2021	Aug. 30, 2021	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill				$ 484,507	$ 478,897
MPH Medical Devices S.R.O
Business Acquisition [Line Items]
Cash	$ 182
Accounts receivable	1,658
Inventories	957
Property, plant and equipment	12,094
Goodwill	9,863
Other assets	163
Total assets acquired	24,917
Accounts payable	562
Deferred tax liabilities	1,124
Other liabilities	664
Total liabilities assumed	2,350
Total assets acquired, net of liabilities assumed	22,567
Less: cash acquired	182
Purchase price, net of cash acquired	$ 22,385
ATI Industrial Automation, Inc.
Business Acquisition [Line Items]
Cash			$ 10,709
Accounts receivable			12,596
Inventories			18,151
Property, plant and equipment			4,618
Operating lease assets			11,263
Intangible assets			52,800
Goodwill			134,420
Other assets			229
Total assets acquired			244,786
Accounts payable			5,135
Current portion of operating lease liabilities			1,740
Operating lease liabilities			9,525
Other liabilities			4,452
Total liabilities assumed			20,852
Total assets acquired, net of liabilities assumed			223,934
Less: cash acquired			10,709
Add: net working capital adjustment			820
Less: contingent consideration		$ 44,000	44,000
Purchase price, net of cash acquired			$ 170,045
Schneider Electric Motion USA, Inc.
Business Acquisition [Line Items]
Cash		3,881
Accounts receivable		4,240
Inventories		2,499
Property, plant and equipment		452
Intangible assets		54,570
Goodwill		68,291
Other assets		776
Total assets acquired		134,709
Accounts payable		1,325
Deferred tax liabilities		12,400
Other liabilities		2,420
Total liabilities assumed		16,145
Total assets acquired, net of liabilities assumed		118,564
Less: cash acquired		3,881
Purchase price, net of cash acquired		$ 114,683

Business Combinations - Fair Va

Business Combinations - Fair Value of Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 30, 2021
ATI Industrial Automation, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value		$ 52,800
Schneider Electric Motion USA, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value	$ 54,570
Developed Technologies | ATI Industrial Automation, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value		$ 19,800
Intangible Assets Weighted Average Amortization Period		15 years
Developed Technologies | Schneider Electric Motion USA, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value	$ 9,110
Intangible Assets Weighted Average Amortization Period	15 years
Customer Relationships | ATI Industrial Automation, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value		$ 23,900
Intangible Assets Weighted Average Amortization Period		15 years
Customer Relationships | Schneider Electric Motion USA, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value	$ 41,740
Intangible Assets Weighted Average Amortization Period	20 years
Trademarks and Trade Names | ATI Industrial Automation, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value		$ 5,600
Intangible Assets Weighted Average Amortization Period		15 years
Trademarks and Trade Names | Schneider Electric Motion USA, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value	$ 370
Intangible Assets Weighted Average Amortization Period	4 years
Backlog | ATI Industrial Automation, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value		$ 3,500
Intangible Assets Weighted Average Amortization Period		1 year
Backlog | Schneider Electric Motion USA, Inc.
Acquired Finite Lived Intangible Assets [Line Items]
Intangible Assets Estimated Fair Value	$ 3,350
Intangible Assets Weighted Average Amortization Period	1 year

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 577,586
Ending Balance	673,460	$ 577,586
Total Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(32,009)	(12,866)	$ (12,241)
Other comprehensive income (loss)	6,951	(19,555)	(1,584)
Amounts reclassified from accumulated other comprehensive loss	1,020	412	959
Ending Balance	(24,038)	(32,009)	(12,866)
Cumulative Translation Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(24,427)	(5,753)	(2,296)
Other comprehensive income (loss)	7,823	(18,674)	(3,457)
Ending Balance	(16,604)	(24,427)	(5,753)
Pension Liability Adjustments
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(7,582)	(7,113)	(9,945)
Other comprehensive income (loss)	(872)	(881)	1,873
Amounts reclassified from accumulated other comprehensive loss	1,020	412	959
Ending Balance	$ (7,434)	$ (7,582)	$ (7,113)

Summary of Changes in Goodwill

Summary of Changes in Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at beginning of the period	$ 478,897
Effect of foreign exchange rate changes	5,610
Balance at end of the period	$ 484,507

Goodwill By Reportable Segment

Goodwill By Reportable Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill	$ 635,736	$ 630,126
Accumulated impairment of goodwill	(151,229)	(151,229)
Total	484,507	478,897
Precision Medicine and Manufacturing
Goodwill [Line Items]
Goodwill	211,380	208,387
Accumulated impairment of goodwill	(102,461)	(102,461)
Total	108,919	105,926
Medical Solutions
Goodwill [Line Items]
Goodwill	169,738	167,891
Accumulated impairment of goodwill	(31,722)	(31,722)
Total	138,016	136,169
Robotics and Automation
Goodwill [Line Items]
Goodwill	254,618	253,848
Accumulated impairment of goodwill	(17,046)	(17,046)
Total	$ 237,572	$ 236,802

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Intangible Assets Disclosure [Line Items]
Amortizable intangible assets, gross carrying amount	$ 435,903	$ 430,073
Amortizable intangible assets, accumulated amortization	(303,908)	(267,334)
Amortizable intangible assets, net carrying amount	$ 131,995	$ 162,739
Amortizable intangible assets, weighted average remaining life (Years)	12 years 7 months 6 days	13 years 2 months 12 days
Non-amortizable intangible assets	$ 13,027	$ 13,027
Gross carrying amount	448,930	443,100
Net carrying amount	145,022	175,766
Patents and Developed Technologies
Schedule of Intangible Assets Disclosure [Line Items]
Amortizable intangible assets, gross carrying amount	187,092	184,589
Amortizable intangible assets, accumulated amortization	(146,342)	(132,350)
Amortizable intangible assets, net carrying amount	$ 40,750	$ 52,239
Amortizable intangible assets, weighted average remaining life (Years)	9 years 7 months 6 days	10 years 1 month 6 days
Customer Relationships
Schedule of Intangible Assets Disclosure [Line Items]
Amortizable intangible assets, gross carrying amount	$ 225,183	$ 222,173
Amortizable intangible assets, accumulated amortization	(142,478)	(121,527)
Amortizable intangible assets, net carrying amount	$ 82,705	$ 100,646
Amortizable intangible assets, weighted average remaining life (Years)	14 years 4 months 24 days	15 years
Trademarks and Trade Names
Schedule of Intangible Assets Disclosure [Line Items]
Amortizable intangible assets, gross carrying amount	$ 23,628	$ 23,311
Amortizable intangible assets, accumulated amortization	(15,088)	(13,457)
Amortizable intangible assets, net carrying amount	$ 8,540	$ 9,854
Amortizable intangible assets, weighted average remaining life (Years)	9 years 6 months	10 years

Amortization Expense of Intangi

Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense – cost of revenue	$ 12,150	$ 13,270	$ 13,288
Amortization expense - operating expenses	20,445	26,338	16,577
Total amortization expense	$ 32,595	$ 39,608	$ 29,865

Estimated Future Amortization E

Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
2024	$ 27,258
2025	23,060
2026	19,487
2027	14,307
2028	11,698
Thereafter	36,185
Amortizable intangible assets, net carrying amount	131,995	$ 162,739
Cost of Revenue
Finite Lived Intangible Assets [Line Items]
2024	17,297
2025	14,632
2026	12,452
2027	10,041
2028	3,388
Thereafter	28,513
Amortizable intangible assets, net carrying amount	91,245
Operating Expenses
Finite Lived Intangible Assets [Line Items]
2024	9,961
2025	8,428
2026	7,035
2027	4,266
2028	8,310
Thereafter	7,672
Amortizable intangible assets, net carrying amount	$ 40,750

Goodwill, Intangible Assets a_3

Goodwill, Intangible Assets and Impairment Charges - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 0	$ 0	$ 0

Fair Value Measurements - Busin

Fair Value Measurements - Business Combination Contingent Consideration - Additional Information (Details) $ in Thousands		1 Months Ended						12 Months Ended
	Jul. 31, 2019 USD ($)	Jul. 31, 2023 USD ($)	Jul. 31, 2023 EUR (€)	Mar. 31, 2022 USD ($)	Mar. 31, 2022 EUR (€)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 EUR (€)	Aug. 31, 2021 USD ($)	Aug. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 EUR (€)	Jul. 31, 2019 EUR (€)
Business Acquisition [Line Items]
Payment for contingent consideration								$ 81	$ 46,254	$ 1,836
ATI Industrial Automation, Inc.
Business Acquisition [Line Items]
Fair value of contingent consideration													$ 44,000	$ 44,000
ARGES GmbH
Business Acquisition [Line Items]
Date of Acquisition Agreement	Jul. 31, 2019
Fair value of contingent consideration	$ 7,900								$ 400	$ 3,800	€ 400,000	€ 3,300,000			$ 5,100	€ 4,100,000	€ 7,100,000
Undiscounted low range of contingent consideration | €																	0
Undiscounted high range of contingent consideration	$ 11,100																€ 10,000,000
Payment for contingent consideration		$ 100	€ 100,000	$ 400	€ 300,000	$ 400	€ 400,000

Fair Values of Assets and Liabi

Fair Values of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash equivalents	$ 1,392	$ 1,369
Assets, fair value	1,771	1,760
Liabilities
Liabilities, fair value	671	837
Prepaid Expenses and Other Current Assets
Assets
Foreign currency forward contracts	379	391
Accrued Expenses and Other Current Liabilities
Liabilities
Contingent considerations - Current	48	124
Foreign currency forward contracts	312	412
Other Liabilities
Liabilities
Contingent considerations - Long-term	311	301
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Cash equivalents	1,392	1,369
Assets, fair value	1,392	1,369
Significant Other Observable Inputs (Level 2)
Assets
Assets, fair value	379	391
Liabilities
Liabilities, fair value	312	412
Significant Other Observable Inputs (Level 2) | Prepaid Expenses and Other Current Assets
Assets
Foreign currency forward contracts	379	391
Significant Other Observable Inputs (Level 2) | Accrued Expenses and Other Current Liabilities
Liabilities
Foreign currency forward contracts	312	412
Significant Other Unobservable Inputs (Level 3)
Liabilities
Liabilities, fair value	359	425
Significant Other Unobservable Inputs (Level 3) | Accrued Expenses and Other Current Liabilities
Liabilities
Contingent considerations - Current	48	124
Significant Other Unobservable Inputs (Level 3) | Other Liabilities
Liabilities
Contingent considerations - Long-term	$ 311	$ 301

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 Contingent Considerations (Details) - Significant Other Unobservable Inputs (Level 3) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 425
Payments	(81)
Effect of foreign exchange rates	15
Ending balance	$ 359

Foreign Currency Contracts - Ad

Foreign Currency Contracts - Additional Information (Details) - Foreign Currency Forward Contracts - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Notional amount of foreign currency forward contracts	$ 172,300,000	$ 117,100,000
Net gain (loss) on foreign currency forward contracts	100,000
Foreign Exchange Transaction Gains (Losses)
Derivative [Line Items]
Net gain (loss) on foreign currency forward contracts	$ 2,500,000	(2,400,000)	$ 1,300,000
Maximum
Derivative [Line Items]
Net gain (loss) on foreign currency forward contracts		$ (100,000)

Computation of Basic and Dilute

Computation of Basic and Diluted Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerators:
Net income	$ 72,878	$ 74,051	$ 50,331
Denominators:
Weighted average common shares outstanding—basic	35,844	35,652	35,396
Dilutive potential common shares	187	257	385
Weighted average common shares outstanding— diluted	36,031	35,909	35,781
Antidilutive potential common shares excluded from above	99	91	13
Earnings per Common Share:
Basic	$ 2.03	$ 2.08	$ 1.42
Diluted	$ 2.02	$ 2.06	$ 1.41

Earnings per Common Share - Add

Earnings per Common Share - Additional Information (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Attainment-based and Hybrid PSUs
Computation Of Earnings Per Share [Line Items]
Contingently issuable shares excluded from calculation of weighted average common shares outstanding		104
Attainment-based PSUs
Computation Of Earnings Per Share [Line Items]
Contingently issuable shares excluded from calculation of weighted average common shares outstanding	82		99
Laser Quantum | Attainment-based restricted stock
Computation Of Earnings Per Share [Line Items]
Contingently issuable shares excluded from calculation of weighted average common shares outstanding	213

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 104,643	$ 118,292
Work-in-process	21,010	23,328
Finished goods	23,311	25,738
Demo and consigned inventory	407	639
Total inventories	$ 149,371	$ 167,997

Property Plant and Equipment, N

Property Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 212,507	$ 196,238
Accumulated depreciation	(103,058)	(93,052)
Property, plant and equipment, net	109,449	103,186
Land, Buildings and Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	95,020	86,026
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 117,487	$ 110,212

Summary of Depreciation Expense

Summary of Depreciation Expense on Property, Plant and Equipment, Including Demo Units and Assets under Finance Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 14,017	$ 13,550	$ 13,529

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Accrued compensation and benefits	$ 32,703	$ 35,501
Finance lease obligations	718	668
Contract liabilities, current portion	5,553	8,128
Accrued warranty	5,292	5,127	$ 4,783	$ 4,919
Other	16,790	13,620
Total	$ 61,056	$ 63,044

Accrued Warranty (Details)

Accrued Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Product Warranties Disclosures [Abstract]
Balance at beginning of year	$ 5,127	$ 4,783	$ 4,919
Provision charged to cost of revenue	2,445	3,071	1,410
Warranty liabilities acquired from acquisitions			874
Use of provision	(2,338)	(2,615)	(2,326)
Foreign currency exchange rate changes	58	(112)	(94)
Balance at end of year	$ 5,292	$ 5,127	$ 4,783

Other Long Term Liabilities (De

Other Long Term Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Finance lease obligations	$ 3,934	$ 4,652
Accrued contingent considerations and earn-outs	311	301
Other	1,687	1,132
Total	$ 5,932	$ 6,085

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total current portion of long-term debt	$ 4,968	$ 4,800
Total long-term debt	349,404	430,662
Total Senior Credit Facilities	354,372	435,462
Term Loan
Debt Instrument [Line Items]
Current portion of long-term debt, Gross	4,994	4,832
Long-term debt, Gross	74,655	77,060
Total Senior Credit Facilities	79,649
Term Loan And Revolving Credit Facility
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	(26)	(32)
Less: unamortized debt issuance costs	(3,655)	(4,811)
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, Gross	$ 278,404	$ 358,413

Debt - Additional Information (

Debt - Additional Information (Details)		1 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($)	Mar. 31, 2020 EUR (€)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 10, 2022 USD ($)	Oct. 05, 2021 USD ($)	Mar. 27, 2020 USD ($)	Dec. 31, 2019 EUR (€)
Debt Instrument [Line Items]
Unused commitment fees percentage			0.25%
Maximum consolidated leverage ratio			350%
Third amended and restated credit agreement, covenants			The Third Amended and Restated Credit Agreement also requires the Company to satisfy certain financial covenants, such as maintaining a minimum consolidated fixed charge coverage ratio of 1.50:1.00 and a maximum consolidated leverage ratio of 3.50:1.00. The maximum consolidated leverage ratio will increase to 4.00:1.00 for four consecutive quarters following an acquisition with an aggregate consideration greater than or equal to $50.0 million
Minimum consolidated fixed charge coverage ratio			150%
Debt weighted average interest rate			6.16%
Non-cash interest expense related to amortization of deferred financing costs			$ 1,200,000	$ 1,200,000	$ 1,200,000
Base Rate | Minimum
Debt Instrument [Line Items]
Variable interest rate			0%
Base Rate | Maximum
Debt Instrument [Line Items]
Variable interest rate			0.75%
SOFR Loans, Alternative Currency Loans, and Letter of Credit Rate | Minimum
Debt Instrument [Line Items]
Variable interest rate			0.75%
SOFR Loans, Alternative Currency Loans, and Letter of Credit Rate | Maximum
Debt Instrument [Line Items]
Variable interest rate			1.75%
Fifth Amendment Revolving Credit Facility
Debt Instrument [Line Items]
Deferred financing costs capitalized			$ 2,500,000
Third Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 450,000,000
Third Amended and Restated Credit Agreement | Acquisition with Aggregate Consideration Greater than or Equal to $50 million | Four Consecutive Quarters Following Designated Acquisition
Debt Instrument [Line Items]
Maximum consolidated leverage ratio			400%
Debt instrument, covenant, required business acquisition consideration, minimum			$ 50,000,000
Third Amended and Restated Credit Agreement | First Amendment Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 495,000,000
Increased in line of credit facility								145,000,000
Line of credit facility accordion potential feature								$ 200,000,000
Third Amended and Restated Credit Agreement | Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000								€ 90,200,000
Senior credit facilities maturity period	5 years
Debt instrument, frequency of periodic payment		quarterly
Quarterly installments payable on term loan | €		€ 1,100,000
Third Amended and Restated Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000
Senior credit facilities maturity period	5 years
Senior credit facilities, maturity month and year			2027-03
Third Amended and Restated Credit Agreement | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Unused commitment fees percentage			0.20%
Third Amended and Restated Credit Agreement | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Unused commitment fees percentage			0.30%
Third Amended and Restated Credit Agreement | Fourth Amendment Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity							$ 695,000,000
Increased in line of credit facility							200,000,000
Line of credit facility accordion potential feature							$ 200,000,000
Third Amended and Restated Credit Agreement | Fifth Amendment Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility accordion potential feature						$ 350,000,000
Loss from write-off of portion of unamortized deferred financing costs			$ 600,000
Third Amended and Restated Credit Facility | Dividend Payments and Stock Repurchases
Debt Instrument [Line Items]
Maximum consolidated leverage ratio			325%
Third Amended and Restated Credit Facility | Dividend Payments and Stock Repurchases | Four Consecutive Quarters Following Designated Acquisition
Debt Instrument [Line Items]
Maximum consolidated leverage ratio			375%
Third Amended and Restated Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Additional borrowings capacity			$ 416,600,000

Repayments of Outstanding Princ

Repayments of Outstanding Principal under Term Loan Facility (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Long Term Debt Maturities Repayments Of Principal [Line Items]
Total Senior Credit Facilities	$ 354,372	$ 435,462
Term Loan
Long Term Debt Maturities Repayments Of Principal [Line Items]
2024	4,994
2025	4,994
2026	4,994
2027	64,667
Total Senior Credit Facilities	$ 79,649

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Lessee Lease Description [Line Items]
Lease renewal terms and termination description	Certain leases include terms such as one or more options to renew, with renewal terms that can extend the lease term from one to 10 years, and options to terminate the leases within one year.
Purchase of building under finance lease		$ 8,743
Minimum
Lessee Lease Description [Line Items]
Lease agreement expiration year	2024
Lease renewal terms	1 year
Maximum
Lessee Lease Description [Line Items]
Lease agreement expiration year	2036
Lease renewal terms	10 years
Lease termination period	1 year
Land | Maximum
Lessee Lease Description [Line Items]
Lease agreement expiration year	2078

Summary of Components of Lease

Summary of Components of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 10,475	$ 10,387	$ 8,533
Finance lease cost
Amortization of right-of-use assets	602	602	602
Interest on lease liabilities	274	308	340
Variable lease cost	1,007	1,145	1,074
Total lease cost	$ 12,358	$ 12,442	$ 10,549

Summary of Balance Sheet Inform

Summary of Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating leases
Operating lease right-of-use assets	$ 38,302	$ 43,317
Current portion of operating lease liabilities	8,189	7,793
Operating lease liabilities	37,345	40,808
Total operating lease liabilities	45,534	48,601
Finance leases
Finance lease right-of-use assets gross	9,582	9,582
Finance lease right-of-use assets accumulated depreciation	(6,272)	(5,670)
Finance lease assets included in property, plant and equipment, net	$ 3,310	$ 3,912
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Current portion of finance lease liabilities	$ 718	$ 668
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Noncurrent portion of finance lease liabilities	$ 3,934	$ 4,652
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other liabilities	Other liabilities
Total finance lease liabilities	$ 4,652	$ 5,320
Weighted-average remaining lease term (in years):
Operating leases	7 years 7 months 6 days	8 years 2 months 12 days
Finance leases	5 years 6 months	6 years 6 months
Weighted-average discount rate:
Operating leases	4.84%	4.64%
Finance leases	5.54%	5.54%

Summary of Cash Flow Informatio

Summary of Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in lease liabilities:
Operating cash flows from finance leases	$ 274	$ 308	$ 340
Operating cash flows from operating leases	7,826	7,876	7,818
Financing cash flows from finance leases	657	599	9,310
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 4,046	$ 4,757	$ 22,574

Future Minimum Lease Payments U

Future Minimum Lease Payments Under Operating and Finance Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 9,671
2025	9,647
2026	8,105
2027	7,135
2028	4,530
Thereafter	16,783
Total minimum lease payments	55,871
Less: Interest	(10,337)
Present value of lease liabilities	45,534	$ 48,601
Finance Leases
2024	954
2025	954
2026	979
2027	1,003
2028	1,003
Thereafter	501
Total minimum lease payments	5,394
Less: Interest	(742)
Present value of lease liabilities	$ 4,652	$ 5,320

Stockholders' Equity and Share-

Stockholders' Equity and Share-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended					51 Months Ended
	Feb. 28, 2023	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2022	Feb. 29, 2020	Oct. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred shares, Authorized		7,000,000	7,000,000	7,000,000				7,000,000
Preferred shares, voting rights		one vote per share
Preferred shares, Issued			0	0				0
Preferred shares, outstanding			0	0				0
Repurchase of common stock				$ 10,000,000
Share-based compensation expense recognized			$ 25,588,000	23,108,000	$ 25,606,000
Unrecognized stock-based compensation expense			$ 34,100,000
Unrecognized stock-based compensation expense, weighted-average recognition period			1 year 1 month 6 days
Restricted Stock Units and Deferred Stock Units | Board of Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized			$ 1,200,000	$ 1,100,000	$ 1,100,000
Amended and Restated 2010 Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares to be issued		6,148,613
Incentive plan and award expiration date			May 13, 2031
Shares available for future issuance			1,900,581
Amended and Restated 2010 Incentive Plan | Restricted Stock Units and Deferred Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of stock units vested			$ 16,900,000
Amended and Restated 2010 Incentive Plan | Restricted Stock Units (RSUs) | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			0 years
Amended and Restated 2010 Incentive Plan | Restricted Stock Units (RSUs) | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			0 years
Amended and Restated 2010 Incentive Plan | Deferred Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of outstanding shares			41,000	38,000				38,000
Amended and Restated 2010 Incentive Plan | Attainment-based PSUs | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of percentage of shares to be issued upon settlement following vesting of target number of shares			0%
Amended and Restated 2010 Incentive Plan | Attainment-based PSUs | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of percentage of shares to be issued upon settlement following vesting of target number of shares			200%
Amended and Restated 2010 Incentive Plan | Market-based PSUs | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of percentage of shares to be issued upon settlement following vesting of target number of shares			0%
Amended and Restated 2010 Incentive Plan | Market-based PSUs | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of percentage of shares to be issued upon settlement following vesting of target number of shares			200%
Amended and Restated 2010 Incentive Plan | Hybrid PSUs | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of percentage of shares to be issued upon settlement following vesting of target number of shares			0%
Amended and Restated 2010 Incentive Plan | Hybrid PSUs | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Range of percentage of shares to be issued upon settlement following vesting of target number of shares			260%
Amended and Restated 2010 Incentive Plan | Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of stock units vested			$ 9,900,000
Amended and Restated 2010 Incentive Plan | Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Stock options, Granted	48,000		48,000
Stock options, Expiration Period	7 years
Fair value of stock options granted			$ 3,000,000
2018 Repurchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock repurchase program authorized amount										$ 25,000,000
Shares repurchased				80,000		65,000	119,000	264,000
Repurchase of common stock				$ 9,500,000		$ 5,500,000	$ 10,000,000	$ 25,000,000
Shares repurchased, average cost per share				$ 118.97		$ 84.55	$ 83.71	$ 94.57
2020 Repurchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock repurchase program authorized amount									$ 50,000,000
Shares repurchased			0	4,000
Repurchase of common stock				$ 500,000
Shares repurchased, average cost per share				$ 116.95
Available for share repurchases			$ 49,500,000

Share-Based Compensation Expens

Share-Based Compensation Expense Recorded in Operating Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 25,588	$ 23,108	$ 25,606
Selling, General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	21,963	18,182	17,255
Research and Development and Engineering
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	2,031	2,414	2,294
Cost of Revenue
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 1,594	$ 2,512	3,008
Restructuring and Acquisition Related Costs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based compensation expense			$ 3,049

Restricted Stock Units and Defe

Restricted Stock Units and Deferred Stock Units Issued and Outstanding (Details) - Amended and Restated 2010 Incentive Plan - Restricted Stock Units and Deferred Stock Units $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Restricted Stock Units
Unvested, Beginning Balance | shares	238
Granted | shares	102
Vested | shares	(109)
Forfeited | shares	(25)
Unvested, Ending Balance | shares	206
Expected to vest at end of period | shares	190
Weighted Average Grant Date Fair Value
Unvested, Beginning Balance | $ / shares	$ 128.26
Granted | $ / shares	156.43
Vested | $ / shares	122.72
Forfeited | $ / shares	139.97
Unvested, Ending Balance | $ / shares	143.97
Expected to vest at end of period | $ / shares	$ 143.47
Weighted Average Remaining Vesting Period (in years)
Unvested at end of period	1 year 3 days
Expected to vest at end of period	1 year 3 days
Aggregate Intrinsic Value
Unvested at end of period | $	$ 34,714
Expected to vest at end of period | $	$ 31,919

Restricted Stock Units and De_2

Restricted Stock Units and Deferred Stock Units Issued and Outstanding (Parenthetical) (Details) - Amended and Restated 2010 Incentive Plan - Restricted Stock Units and Deferred Stock Units	Dec. 31, 2023 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common share fair value per share	$ 168.41
Restricted and deferred stock units purchase price per share	$ 0

Performance-Based Restricted St

Performance-Based Restricted Stock Units Issued and Outstanding (Details) - Amended and Restated 2010 Incentive Plan - Performance Stock Units $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Performance Stock Units
Unvested, Beginning Balance | shares	216
Granted | shares	57
Performance adjustments | shares	20
Vested | shares	(70)
Forfeited | shares	(18)
Unvested, Ending Balance | shares	205
Expected to vest at end of period | shares	236
Weighted Average Grant Date Fair Value
Unvested, Beginning Balance | $ / shares	$ 144.16
Granted | $ / shares	179.15
Performance adjustment | $ / shares	122.24
Vested | $ / shares	116.56
Forfeited | $ / shares	169.63
Unvested, Ending Balance | $ / shares	160.24
Expected to vest at end of period | $ / shares	$ 161.43
Weighted Average Remaining Vesting Period (in years)
Unvested at end of period	1 year 5 months 12 days
Expected to vest at end of period	1 year 5 months 12 days
Aggregate Intrinsic Value
Unvested at end of period | $	$ 34,541
Expected to vest at end of period | $	$ 39,690

Performance-Based Restricted _2

Performance-Based Restricted Stock Units Issued and Outstanding (Parenthetical) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
EPS and Applicable Relative TSR Performance Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting percentage	142%
Amended and Restated 2010 Incentive Plan | Performance Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of PSUs available to be earned | shares	367
Common share fair value per share	$ 168.41
Performance stock units purchase price per share	0
Amended and Restated 2010 Incentive Plan | Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common share fair value per share	$ 168.41

Fair Value of TSR Performance-B

Fair Value of TSR Performance-Based Restricted Stock Units Estimated Using Monte-Carol Valuation Model (Details) - Hybrid PSUs	12 Months Ended
	Dec. 31, 2023 $ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant-date stock price	$ 156.72
Expected volatility	35.89%
Risk-free interest rate	4.44%
Expected annual dividend yield	0%
Weighted average fair value	$ 181.45

Stockholders' Equity and Shar_2

Stockholders' Equity and Share-Based Compensation - Stock Options Outstanding and Exercisable (Details) - Amended and Restated 2010 Incentive Plan - Employee Stock Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2023	Dec. 31, 2023
Number of Shares
Stock Options, Outstanding as of December 31, 2023		84
Stock Options, Granted	48	48
Stock Options, Outstanding as of December 31, 2022		132
Stock Options, Exercisable as of December 31, 2023		57
Stock Options, Expected to vest as of December 31, 2022		75
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding as of December 31, 2023		$ 72.18
Weighted Average Exercise Price, Granted		156.72
Weighted Average Exercise Price, Outstanding as of December 31, 2022		102.86
Weighted Average Exercise Price, Exercisable as of December 31, 2023		42.49
Weighted Average Exercise Price, Expected to vest as of December 31, 2022		$ 149.25
Weighted Average Remaining Contractual Term (years)
Weighted Average Remaining Contractual Term, Outstanding as of December 31, 2023		4 years 6 months 18 days
Weighted Average Remaining Contractual Term, Exercisable as of December 31, 2023		2 years 11 months 1 day
Weighted Average Remaining Contractual Term, Expected to vest as of December 31, 2022		5 years 9 months 18 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding as of December 31, 2023		$ 8,636
Aggregate Intrinsic Value, Exercisable as of December 31, 2023		7,209
Aggregate Intrinsic Value, Expected to vest as of December 31, 2023		$ 1,428

Stockholders' Equity and Shar_3

Stockholders' Equity and Share-Based Compensation - Stock Options Outstanding and Exercisable (Parenthetical) (Details)	Dec. 31, 2023 $ / shares
Amended and Restated 2010 Incentive Plan | Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common share fair value per share	$ 168.41

Stockholders' Equity and Shar_4

Stockholders' Equity and Share-Based Compensation - Fair Value of Stock Options Granted Estimated Using Black-Scholes Valuation Model (Details) - Employee Stock Option - Amended and Restated 2010 Incentive Plan	12 Months Ended
	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected option term in years	4 years 6 months
Expected volatility	40.70%
Risk-free interest rate	4%
Expected annual dividend yield	0%

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Contribution to defined contribution plan by employer	$ 6.8	$ 5.9	$ 4.4
Funding valuation period	3 years
Defined benefit plan estimated employer contributions for 2024	$ 0.3

Net Periodic Pension Cost (Deta

Net Periodic Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components of the net periodic pension cost:
Interest cost	$ 1,185	$ 669	$ 554
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax
Expected return on plan assets	$ (1,440)	$ (1,286)	$ (1,120)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amortization of actuarial losses	$ 990	$ 380	$ 928
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Expenses	Operating Expenses	Operating Expenses
Amortization of prior service cost	$ 30	$ 32	$ 31
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Operating Expenses	Operating Expenses	Operating Expenses
Net periodic pension cost	$ 765	$ (205)	$ 393

Actuarial Assumptions used to C

Actuarial Assumptions used to Compute Net Periodic Pension Cost (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Weighted-average discount rate	4.80%	1.80%	1.20%
Weighted-average long-term rate of return on plan assets	5.30%	3.20%	2.50%

Actuarial Assumptions used to_2

Actuarial Assumptions used to Compute Benefit Obligations (Details)	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Weighted-average discount rate	4.50%	4.80%
Rate of inflation	2.80%	2.70%

Reconciliation of Benefit Oblig

Reconciliation of Benefit Obligations and Plan Assets of U.K. Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in benefit obligation:
Projected benefit obligation at beginning of year	$ 24,597	$ 41,398
Interest cost	1,185	669	$ 554
Actuarial (gains) losses	445	(12,135)
Benefits paid	(1,257)	(1,191)
Foreign currency exchange rate changes	1,289	(4,144)
Projected benefit obligation at end of year	26,259	24,597	41,398
Accumulated benefit obligation at end of year	26,259	24,597
Change in plan assets:
Fair value of plan assets at beginning of year	26,609	44,187
Actual return on plan assets	1,575	(12,927)
Employer contributions	1,007	971
Benefits paid	(1,257)	(1,191)
Foreign currency exchange rate changes	1,417	(4,431)
Fair value of plan assets at end of year	29,351	26,609	44,187
Funded status at end of year	3,092	2,012
Amounts included in accumulated other comprehensive loss not yet recognized in net periodic pension cost:
Net actuarial losses at beginning of year	(8,076)	(7,206)
Net actuarial gains (losses) during the year	(310)	(2,078)
Amounts reclassified from accumulated other comprehensive loss to income before income taxes	1,020	412
Foreign currency exchange rate changes	(406)	796
Net actuarial losses	$ (7,772)	$ (8,076)	$ (7,206)

Expected Future Benefit Payment

Expected Future Benefit Payments for Each of Next Five Years (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Retirement Benefits [Abstract]
2024	$ 1,363
2025	1,365
2026	1,568
2027	1,661
2028	1,723
2029-2033	9,436
Total	$ 17,116

Summary of Fair Value of Plan A

Summary of Fair Value of Plan Assets by Asset Category (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	$ 29,351	$ 26,609	$ 44,187
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	244	229
Not Subject to Leveling
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	29,107	26,380
Balanced Fund
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	18,978	17,025
Balanced Fund | Not Subject to Leveling
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	18,978	17,025
Fixed Income
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	10,129	9,355
Fixed Income | Not Subject to Leveling
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	10,129	9,355
Cash
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	244	229
Cash | Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	$ 244	$ 229

Summary of Fair Value of Plan_2

Summary of Fair Value of Plan Assets by Asset Category (Parenthetical) (Details)	Dec. 31, 2023	Dec. 31, 2022
Bonds | Fixed Income
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	95%	78%
Bonds | Balanced Fund
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	64%	67%
Equity Securities | Balanced Fund
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	11%	12%
Other Asset | Fixed Income
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	5%	13%
Other Asset | Balanced Fund
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations	25%	20%
Cash | Fixed Income
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations		9%
Cash | Balanced Fund
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, target plan asset allocations		1%

Components of Income (Loss) Bef

Components of Income (Loss) Before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) before income taxes:
Income before income taxes	$ 83,748	$ 87,159	$ 56,172
CANADA
Income (loss) before income taxes:
Foreign	(6,490)	(4,946)	(1,371)
UNITED STATES
Income (loss) before income taxes:
U.S.	38,992	28,365	19,168
Other Countries
Income (loss) before income taxes:
Foreign	$ 51,246	$ 63,740	$ 38,375

Components of Income Tax Provis

Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components Of Income Tax Expense Benefit [Line Items]
Current income tax provision (benefit)	$ 25,596	$ 31,762	$ 9,786
Deferred income tax provision (benefit)	(14,726)	(18,654)	(3,945)
Income Tax Provision (benefit)	10,870	13,108	5,841
CANADA
Components Of Income Tax Expense Benefit [Line Items]
Current income tax provision (benefit)	59	65	95
Deferred income tax provision (benefit)			493
UNITED STATES
Components Of Income Tax Expense Benefit [Line Items]
Current income tax provision (benefit)	14,424	17,205	205
Deferred income tax provision (benefit)	(12,224)	(15,370)	(2,133)
Other Countries
Components Of Income Tax Expense Benefit [Line Items]
Current income tax provision (benefit)	11,113	14,492	9,486
Deferred income tax provision (benefit)	$ (2,502)	$ (3,284)	$ (2,305)

Reconciliation of Statutory Can

Reconciliation of Statutory Canadian Tax rate to Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Effective Tax Rate Reconciliation [Line Items]
Income Tax Provision (benefit)	$ 10,870	$ 13,108	$ 5,841
Canada Revenue Agency
Schedule Of Effective Tax Rate Reconciliation [Line Items]
Statutory Canadian tax rate	29%	29%	29%
Expected income tax provision at Canadian statutory tax rate	$ 24,287	$ 25,276	$ 16,291
International tax rate differences	(4,804)	(6,289)	(3,621)
U.S. state income taxes, net	860	3	(249)
Withholding and other taxes	300	789	429
Transaction costs and permanent differences	423	140	1,169
Disallowed compensation	2,571	2,138	1,111
Foreign-derived intangible income	(4,500)	(4,467)	(1,211)
Tax credits	(3,602)	(2,256)	(1,408)
Statutory tax rate changes	165		489
Uncertain tax positions	90	(168)	(472)
Change in valuation allowance	2,068	2,048	918
Acquisition contingent consideration adjustments		(698)	87
Provision to return differences	(1,056)	(19)	33
Windfall benefit from share-based compensation	(1,685)	(254)	(5,131)
U.K. patent box	(4,247)	(3,135)	(2,594)
Income Tax Provision (benefit)	$ 10,870	$ 13,108	$ 5,841
Effective tax rate	13%	15%	10.40%

Significant Components of Defer

Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Losses	$ 11,274	$ 9,954
Operating lease liabilities	10,194	11,117
Compensation related deductions	8,457	9,010
Inventories	12,497	9,368
Tax credits	3,222	2,624
Capitalized R&D	25,238	13,623
Warranty	964	836
Other	724	284
Total deferred tax assets	72,570	56,816
Valuation allowance on deferred tax assets	(16,674)	(14,568)
Net deferred tax assets	55,896	42,248
Deferred tax liabilities:
Depreciation	(5,389)	(4,049)
Amortization	(24,436)	(26,746)
Operating lease right-of-use assets	(9,198)	(10,477)
Deferred revenue	(5,316)	(3,057)
Total deferred tax liabilities	(44,339)	(44,329)
Net deferred tax assets	$ 11,557
Net deferred tax (liabilities)		$ (2,081)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Deferred tax assets additional valuation allowance recorded	$ 2,100,000	$ 2,000,000	$ 900,000
Loss carryforwards	5,700,000	4,400,000
Capital loss carryforward	5,600,000	5,600,000
Tax credits	3,700,000	3,000,000
Undistributed earnings of foreign subsidiaries	405,800,000
Estimated unrecognized income tax and foreign tax liabilities related to undistributed earnings of foreign subsidiaries	5,500,000
Unrecognized tax benefits	4,343,000	4,249,000	4,797,000	$ 5,258,000
Unrecognized tax benefits that will impact tax rate if recognized	3,800,000
Unrecognized tax benefit income tax interest and penalties accrued	700,000	700,000
Unrecognized tax benefits, income tax penalties and interest expense		100,000	$ (100,000)
Deferred tax assets recognized	72,570,000	56,816,000
Tax credits, valuation allowance	2,900,000	2,500,000
Research and Development Expense
Income Taxes [Line Items]
Deferred tax assets recognized	$ 11,600,000
Effective tax rate on income from operations	2.40%
Maximum
Income Taxes [Line Items]
Maximum unrecognized tax benefits expected to be recorded in next twelve months	$ 300,000
Unrecognized tax benefits, income tax penalties and interest expense	100,000
UNITED STATES
Income Taxes [Line Items]
Loss carryforwards	500,000	500,000
Loss carryforwards indefinite amount		100,000
Loss carryforwards remaining amount		400,000
Tax credits	$ 3,000,000	$ 2,300,000
UNITED STATES | Tax Credit That Will Expire In Certain Period
Income Taxes [Line Items]
Tax credits, expiration Year	2039	2038
UNITED STATES | Minimum
Income Taxes [Line Items]
Operating loss carryforwards expiration year	2024	2023
UNITED STATES | Maximum
Income Taxes [Line Items]
Operating loss carryforwards expiration year	2043	2036
CANADA
Income Taxes [Line Items]
Loss carryforwards	$ 5,200,000	$ 3,900,000
Operating loss carryforwards expiration year	2033	2033
Capital loss carryforward	$ 4,900,000	$ 4,900,000
CANADA | Tax Credits That Can Be Carried Forward Indefinitely
Income Taxes [Line Items]
Tax credits	700,000	700,000
UNITED KINGDOM
Income Taxes [Line Items]
Capital loss carryforward	$ 700,000	$ 700,000

Reconciliation of Total Amounts

Reconciliation of Total Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Beginning balance of unrecognized tax benefits	$ 4,249	$ 4,797	$ 5,258
Additions based on tax positions related to the current year	561	553	1,162
Additions for tax positions of prior years	47	34	9
Reductions to tax positions of prior years	(22)	(563)	(41)
Reductions to tax positions resulting from a lapse of the applicable statute of limitations	(492)	(572)	(1,591)
Ending balance of unrecognized tax benefits	$ 4,343	$ 4,249	$ 4,797

Income Tax Returns to be Review

Income Tax Returns to be Reviewed (Details)	12 Months Ended
	Dec. 31, 2023
UNITED STATES
Income Tax Examination [Line Items]
Income tax returns to be reviewed	2019
CANADA
Income Tax Examination [Line Items]
Income tax returns to be reviewed	2017
UNITED KINGDOM
Income Tax Examination [Line Items]
Income tax returns to be reviewed	2021
GERMANY
Income Tax Examination [Line Items]
Income tax returns to be reviewed	2017
Czech Republic
Income Tax Examination [Line Items]
Income tax returns to be reviewed	2021
CHINA
Income Tax Examination [Line Items]
Income tax returns to be reviewed	2013
JAPAN
Income Tax Examination [Line Items]
Income tax returns to be reviewed	2018

Schedule of Restructuring and A

Schedule of Restructuring and Acquisition Related Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost And Reserve [Line Items]
Total restructuring related charges	$ 11,814	$ 4,408	$ 8,341
Acquisition and related charges	1,000	(24)	9,679
Total restructuring, acquisition and related costs	12,814	4,384	18,020
2022 Restructuring
Restructuring Cost And Reserve [Line Items]
Total restructuring related charges	8,961	1,414
2020 Restructuring
Restructuring Cost And Reserve [Line Items]
Total restructuring related charges	$ 2,853	$ 2,994	8,133
2019 Restructuring
Restructuring Cost And Reserve [Line Items]
Total restructuring related charges			$ 208

Restructuring and Acquisition_3

Restructuring and Acquisition Related Costs - Additional Information (Details) - USD ($)	12 Months Ended			42 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Restructuring and Acquisition Related Costs [Line Items]
Severance, facilities related costs, and other costs.	$ 11,814,000	$ 4,408,000	$ 8,341,000
Acquisition and related charges	1,000,000	(24,000)	9,679,000
Legal costs			1,900,000
Unallocated Corporate and Shared Services
Restructuring and Acquisition Related Costs [Line Items]
Acquisition and related charges	1,000,000
Finders' Fees, Legal, Valuation And Other Professional Or Consulting Fees
Restructuring and Acquisition Related Costs [Line Items]
Acquisition and related charges	1,000,000	1,400,000	5,900,000
Earn-out Agreement
Restructuring and Acquisition Related Costs [Line Items]
Acquisition and related charges	$ 0	(1,400,000)	1,900,000
2022 Restructuring
Restructuring and Acquisition Related Costs [Line Items]
Restructuring and related cost description	As a result of the Company’s ongoing evaluations and efforts to reduce its operating costs, while improving efficiency and effectiveness, the Company initiated the 2022 restructuring program in the third quarter of 2022. This program was focused on reducing operating complexity in the Company, including reducing infrastructure costs and streamlining the Company’s operating model to better serve its customers. In addition, the program was focused on cost reduction actions to improve gross margins for the overall company. During the year ended December 31, 2023, the Company recorded $9.0 million in severance, facilities related costs, and other costs in connection with the 2022 restructuring program. As of December 31, 2023, the Company had incurred cumulative costs related to this restructuring program totaling $10.4 million. The 2022 restructuring program was completed in the fourth quarter of 2023.
Severance, facilities related costs, and other costs.	$ 8,961,000	1,414,000
Restructuring cumulative costs incurred	10,400,000			$ 10,400,000
2022 Restructuring | Severance, Facilities Related Costs, and Other Costs
Restructuring and Acquisition Related Costs [Line Items]
Severance, facilities related costs, and other costs.	$ 9,000,000
2020 Restructuring
Restructuring and Acquisition Related Costs [Line Items]
Restructuring and related cost description	As a result of the Company’s ongoing evaluations and efforts to reduce its operating costs, while improving efficiency and effectiveness, the Company initiated the 2020 restructuring program in the third quarter of 2020. This program was focused on reducing operating complexity in the Company, including reducing infrastructure costs and streamlining the Company’s operating model to better serve its customers. In addition, the program was focused on cost reduction actions to improve gross margins for the overall company. During the year ended December 31, 2023, the Company recorded $2.9 million in severance, facilities related costs, and other costs in connection with the 2020 restructuring program. As of December 31, 2023, the Company had recorded an aggregate $16.7 million in severance, facilities related costs, and other costs in connection with the 2020 restructuring program. The 2020 restructuring program was completed in the fourth quarter of 2023.
Severance, facilities related costs, and other costs.	$ 2,853,000	$ 2,994,000	$ 8,133,000
2020 Restructuring | Severance, Facilities Related Costs, and Other Costs
Restructuring and Acquisition Related Costs [Line Items]
Severance, facilities related costs, and other costs.	$ 2,900,000			$ 16,700,000

Summary of Restructuring Charge

Summary of Restructuring Charges by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost And Reserve [Line Items]
Severance, facilities related costs, and other costs.	$ 11,814	$ 4,408	$ 8,341
2022 Restructuring
Restructuring Cost And Reserve [Line Items]
Severance, facilities related costs, and other costs.	8,961	1,414
Cumulative Costs	$ 10,375
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring Charges And Acquisition Related Costs
2022 Restructuring | Precision Medicine and Manufacturing
Restructuring Cost And Reserve [Line Items]
Severance, facilities related costs, and other costs.	$ 1,899	1,162
Cumulative Costs	$ 3,061
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring Charges And Acquisition Related Costs
2022 Restructuring | Medical Solutions
Restructuring Cost And Reserve [Line Items]
Severance, facilities related costs, and other costs.	$ 1,188	56
Cumulative Costs	$ 1,244
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring Charges And Acquisition Related Costs
2022 Restructuring | Robotics and Automation
Restructuring Cost And Reserve [Line Items]
Severance, facilities related costs, and other costs.	$ 5,043	196
Cumulative Costs	$ 5,239
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring Charges And Acquisition Related Costs
2022 Restructuring | Unallocated Corporate and Shared Services
Restructuring Cost And Reserve [Line Items]
Severance, facilities related costs, and other costs.	$ 831
Cumulative Costs	$ 831
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring Charges And Acquisition Related Costs
2020 Restructuring
Restructuring Cost And Reserve [Line Items]
Severance, facilities related costs, and other costs.	$ 2,853	2,994	8,133
Cumulative Costs	$ 16,716
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring Charges And Acquisition Related Costs
2020 Restructuring | Precision Medicine and Manufacturing
Restructuring Cost And Reserve [Line Items]
Severance, facilities related costs, and other costs.	$ 2,220	2,537	3,085
Cumulative Costs	$ 8,582
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring Charges And Acquisition Related Costs
2020 Restructuring | Medical Solutions
Restructuring Cost And Reserve [Line Items]
Severance, facilities related costs, and other costs.		217	813
Cumulative Costs	$ 2,360
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring Charges And Acquisition Related Costs
2020 Restructuring | Robotics and Automation
Restructuring Cost And Reserve [Line Items]
Severance, facilities related costs, and other costs.	$ 633	238	4,206
Cumulative Costs	$ 5,601
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring Charges And Acquisition Related Costs
2020 Restructuring | Unallocated Corporate and Shared Services
Restructuring Cost And Reserve [Line Items]
Severance, facilities related costs, and other costs.		$ 2	$ 29
Cumulative Costs	$ 173
2020 Restructuring | Unallocated Corporate and Shared Services
Restructuring Cost And Reserve [Line Items]
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Restructuring Charges And Acquisition Related Costs

Summary of Accrual Activities b

Summary of Accrual Activities by Components Related to Company's Restructuring Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost And Reserve [Line Items]
Accrued expense beginning balance	$ 2,410	$ 2,686
Restructuring charges	11,814	4,408
Cash payments	(8,867)	(3,486)
Non-cash write-offs and other adjustments	(2,507)	(1,198)
Accrued expense ending balance	2,850	2,410
Employee Related
Restructuring Cost And Reserve [Line Items]
Accrued expense beginning balance	1,902	2,107
Restructuring charges	5,832	2,029
Cash payments	(6,675)	(2,198)
Non-cash write-offs and other adjustments	(21)	(36)
Accrued expense ending balance	1,038	1,902
Facility Related
Restructuring Cost And Reserve [Line Items]
Accrued expense beginning balance	452	550
Restructuring charges	4,452	1,995
Cash payments	(1,379)	(931)
Non-cash write-offs and other adjustments	(1,845)	(1,162)
Accrued expense ending balance	1,680	452
Other Restructuring Charges
Restructuring Cost And Reserve [Line Items]
Accrued expense beginning balance	56	29
Restructuring charges	1,530	384
Cash payments	(813)	(357)
Non-cash write-offs and other adjustments	(641)
Accrued expense ending balance	$ 132	$ 56

Summary of Accrual Activities_2

Summary of Accrual Activities by Components Related to Company's Restructuring Charges (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Cost And Reserve [Line Items]
Impairment of assets	$ 2.5

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) Customer
Commitments and Contingencies Disclosure [Abstract]
Purchase commitments	$ 127.5
Purchase commitments, 2024	119.7
Purchase commitments, 2025	6.9
Purchase commitments, 2026	0.9
Insurance recovery payments	$ 5
Number of customers accounted for 10% or more of accounts receivable | Customer	1

Segment Information - Additiona

Segment Information - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 Segment Customer EndMarket	Dec. 31, 2022 Customer	Dec. 31, 2021 Customer
Segment Reporting Information [Line Items]
Number of reportable segments | Segment	3
Number of primary end market segments | EndMarket	2
Number of customers exceeded ten percentage of revenue | Customer	1	0	0
Medical Solutions | Sales Revenue Segment | Customer Concentration Risk
Segment Reporting Information [Line Items]
Percentage of revenue accounted	10%	10%	10%

Revenue, Gross Profit and Opera

Revenue, Gross Profit and Operating Income (Loss) by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 881,662	$ 860,903	$ 706,793
Gross Profit	399,897	378,472	300,328
Operating Income (Loss)	110,496	103,079	64,054
Operating Segments | Precision Medicine and Manufacturing
Segment Reporting Information [Line Items]
Revenue	282,971	274,674	232,459
Gross Profit	139,060	129,173	107,993
Operating Income (Loss)	69,283	63,760	46,792
Operating Segments | Medical Solutions
Segment Reporting Information [Line Items]
Revenue	325,221	277,992	262,060
Gross Profit	135,640	108,713	100,890
Operating Income (Loss)	41,883	28,244	17,694
Operating Segments | Robotics and Automation
Segment Reporting Information [Line Items]
Revenue	273,470	308,237	212,274
Gross Profit	130,885	146,150	99,345
Operating Income (Loss)	48,373	60,294	52,676
Unallocated Corporate and Shared Services
Segment Reporting Information [Line Items]
Gross Profit	(5,688)	(5,564)	(7,900)
Operating Income (Loss)	$ (49,043)	$ (49,219)	$ (53,108)

Depreciation and Amortization E

Depreciation and Amortization Expenses by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Depreciation and Amortization Expenses
Depreciation and amortization expenses	$ 46,612	$ 53,158	$ 43,394
Unallocated Corporate and Shared Services
Depreciation and Amortization Expenses
Depreciation and amortization expenses	1,354	399	254
Precision Medicine and Manufacturing | Operating Segments
Depreciation and Amortization Expenses
Depreciation and amortization expenses	10,285	10,999	11,600
Medical Solutions | Operating Segments
Depreciation and Amortization Expenses
Depreciation and amortization expenses	15,941	17,402	20,812
Robotics and Automation | Operating Segments
Depreciation and Amortization Expenses
Depreciation and amortization expenses	$ 19,032	$ 24,358	$ 10,728

Accounts Receivable and Invento

Accounts Receivable and Inventory by Reportable Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable
Total accounts receivable	$ 139,410	$ 137,697
Inventories
Total inventories	149,371	167,997
Total segment assets	288,781	305,694
Precision Medicine and Manufacturing
Accounts Receivable
Total accounts receivable	40,562	42,541
Inventories
Total inventories	58,492	58,630
Medical Solutions
Accounts Receivable
Total accounts receivable	60,894	53,610
Inventories
Total inventories	38,440	47,511
Robotics and Automation
Accounts Receivable
Total accounts receivable	37,954	41,546
Inventories
Total inventories	$ 52,439	$ 61,856

Total Assets by Reportable Segm

Total Assets by Reportable Segments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Total segment assets	$ 288,781	$ 305,694
Cash and cash equivalents	105,051	100,105
Prepaid income taxes and income taxes receivable	8,105	1,508
Prepaid expenses and other current assets	13,360	13,212
Property, plant and equipment, net	109,449	103,186
Operating lease assets	38,302	43,317
Deferred tax assets	27,862	15,113
Other assets	5,617	4,414
Intangible assets, net	145,022	175,766
Goodwill	484,507	478,897
Total assets	$ 1,226,056	$ 1,241,212

Schedule of Geographic Revenue

Schedule of Geographic Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 881,662	$ 860,903	$ 706,793
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark
Segment Reporting Information [Line Items]
Percentage of Total	100%	100%	100%
United States
Segment Reporting Information [Line Items]
Revenue	$ 418,265	$ 372,345	$ 270,833
United States | Geographic Concentration Risk | Revenue from Contract with Customer Benchmark
Segment Reporting Information [Line Items]
Percentage of Total	47.40%	43.30%	38.40%
Germany
Segment Reporting Information [Line Items]
Revenue	$ 128,229	$ 133,728	$ 101,865
Germany | Geographic Concentration Risk | Revenue from Contract with Customer Benchmark
Segment Reporting Information [Line Items]
Percentage of Total	14.50%	15.50%	14.40%
Rest of Europe
Segment Reporting Information [Line Items]
Revenue	$ 137,027	$ 137,803	$ 138,863
Rest of Europe | Geographic Concentration Risk | Revenue from Contract with Customer Benchmark
Segment Reporting Information [Line Items]
Percentage of Total	15.60%	16%	19.60%
China
Segment Reporting Information [Line Items]
Revenue	$ 73,444	$ 97,178	$ 95,045
China | Geographic Concentration Risk | Revenue from Contract with Customer Benchmark
Segment Reporting Information [Line Items]
Percentage of Total	8.30%	11.30%	13.40%
Rest of Asia-Pacific
Segment Reporting Information [Line Items]
Revenue	$ 105,350	$ 101,596	$ 89,198
Rest of Asia-Pacific | Geographic Concentration Risk | Revenue from Contract with Customer Benchmark
Segment Reporting Information [Line Items]
Percentage of Total	12%	11.80%	12.60%
Other Countries
Segment Reporting Information [Line Items]
Revenue	$ 19,347	$ 18,253	$ 10,989
Other Countries | Geographic Concentration Risk | Revenue from Contract with Customer Benchmark
Segment Reporting Information [Line Items]
Percentage of Total	2.20%	2.10%	1.60%

Summary of Long-lived Assets (D

Summary of Long-lived Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Long-Lived Assets by Geographical Areas [Line Items]
Property, plant and equipment, net	$ 109,449	$ 103,186
United States
Long-Lived Assets by Geographical Areas [Line Items]
Property, plant and equipment, net	23,899	27,488
Germany
Long-Lived Assets by Geographical Areas [Line Items]
Property, plant and equipment, net	35,318	36,545
U.K.
Long-Lived Assets by Geographical Areas [Line Items]
Property, plant and equipment, net	28,734	18,457
Czech Republic
Long-Lived Assets by Geographical Areas [Line Items]
Property, plant and equipment, net	14,100	13,779
China
Long-Lived Assets by Geographical Areas [Line Items]
Property, plant and equipment, net	7,114	6,518
Rest of World
Long-Lived Assets by Geographical Areas [Line Items]
Property, plant and equipment, net	$ 284	$ 399

Schedule of Revenue by End Mark

Schedule of Revenue by End Market (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenue by end market	100%	100%	100%
Medical
Segment Reporting Information [Line Items]
Total revenue by end market	54%	49%	52%
Advanced Industrial
Segment Reporting Information [Line Items]
Total revenue by end market	46%	51%	48%

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event - Motion Solutions Parent Corp. $ in Millions	Jan. 02, 2024 USD ($)
Subsequent Event [Line Items]
Date of acquisition	Jan. 02, 2024
Total purchase price	$ 192.2